{"id":1509,"date":"2024-02-05T09:00:00","date_gmt":"2024-02-05T09:00:00","guid":{"rendered":"https:\/\/www.shipbob.com\/au\/blog\/finished-goods-inventory\/"},"modified":"2025-12-26T10:07:32","modified_gmt":"2025-12-26T10:07:32","slug":"finished-goods-inventory","status":"publish","type":"blog","link":"https:\/\/www.shipbob.com\/au\/blog\/finished-goods-inventory\/","title":{"rendered":"How to Calculate Finished Goods Inventory &amp; Why it\u2019s Important for Business"},"content":{"rendered":"\n<div class=\"wp-block-shipbob-blocks-single-toc single-toc\" data-controller=\"blog-toc-controller\" data-action=\"scroll@window-&gt;blog-toc-controller#scrollChanged:passive\" id=\"toc-component\"><div class=\"single-toc-overview\"><p>Table of Contents<\/p><div class=\"single-toc-read-time\"><p>** Minutes<\/p><\/div><\/div>\n<p><a href=\"#definition\">What is finished goods inventory?<\/a><\/p>\n\n\n\n<p><a href=\"#calculate\">How to calculate finished goods inventory in 4 steps (formula + example)<\/a><\/p>\n\n\n\n<p><a href=\"#h-finished-goods-inventory-calculator\">Finished goods inventory calculator<\/a><\/p>\n\n\n\n<p><a href=\"#important\">Why is the finished goods inventory formula so important?<\/a><\/p>\n\n\n\n<p><a href=\"#shipbob\">How logistics partners like ShipBob help improve finished goods inventory management<\/a><\/p>\n\n\n\n<p><a href=\"#FAQ\">FAQs<\/a><\/p>\n<\/div>\n\n\n\n<p>Managing inventory is one of the most demanding parts of running an ecommerce business. With so many moving parts, it can be difficult to keep track of all the inventory available for customers\u2014especially as you expand into <a href=\"https:\/\/www.shipbob.com\/blog\/multichannel-inventory-management\/\" target=\"_blank\" rel=\"noreferrer noopener\">multichannel inventory management<\/a>.&nbsp;<\/p>\n\n\n\n<p>If you have inventory <a href=\"https:\/\/www.shipbob.com\/blog\/split-inventory-across-multiple-fulfillment-centers\/\" target=\"_blank\" rel=\"noreferrer noopener\">split across multiple fulfilment centres<\/a>, inventory tracking becomes even more complicated. You have to account for inventory that\u2019s currently going through the manufacturing process, in transit, and that\u2019s readily available for purchase. It\u2019s not easy to stay on top of, but there are ways to make <a href=\"https:\/\/www.shipbob.com\/inventory-management\/\" target=\"_blank\" rel=\"noreferrer noopener\">inventory management<\/a> easier.&nbsp;<\/p>\n\n\n\n<p id=\"definition\">One \u2018tool\u2019 used by ecommerce businesses is the finished goods inventory formula. By knowing the amount of finished inventory on hand, your small business can accurately determine stock levels for improved <a href=\"https:\/\/www.shipbob.com\/inventory-management\/inventory-tracking\/\" target=\"_blank\" rel=\"noreferrer noopener\">inventory tracking<\/a>.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-finished-goods-inventory-nbsp\">What is finished goods inventory?&nbsp;<\/h2>\n\n\n\n<p>Finished goods inventory is the total stock available for customers to purchase that can be fulfilled. Using the finished goods inventory formula, sellers can calculate the value of their goods for sale.&nbsp;<\/p>\n\n\n\n<p>\u2018Finished goods\u2019 is a relative term, as a seller\u2019s finished goods may become a buyer\u2019s <a href=\"https:\/\/www.shipbob.com\/blog\/raw-materials-inventory\/\" target=\"_blank\" rel=\"noreferrer noopener\">raw materials<\/a>. For example, a textile factory may produce materials that can be used in clothing, such as cotton or silk. While the cotton or silk may be the textile factory\u2019s finished goods, they can sell them as raw materials to apparel retailers who will create them into new finished goods: clothing.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-finished-goods-inventory-abbreviations-cheat-sheet-nbsp\">Finished goods inventory abbreviations cheat sheet&nbsp;<\/h3>\n\n\n\n<p id=\"calculate\">Feeling lost? Here\u2019s a quick guide to the term abbreviations we\u2019ll use in our finished goods inventory calculations:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>COGM: Cost of goods manufactured&nbsp;<\/li>\n\n\n\n<li>COGS: Cost of goods sold&nbsp;<\/li>\n\n\n\n<li>WIP: Work-in-process&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-calculate-finished-goods-inventory-in-4-steps-formula-example-nbsp\">How to calculate finished goods inventory in 4 steps (formula + example)&nbsp;<\/h2>\n\n\n\n<p>The formula to calculate finished goods inventory is as follows:&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-blog is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"is-style-indent\"><strong>Finished Goods Inventory Formula = (COGM \u2013 COGS) + Value of Previous Year\u2019s Finished Goods<\/strong>&nbsp;<\/p>\n<\/blockquote>\n\n\n\n<p>To use this formula, you\u2019ll first need to calculate your cost of goods manufactured (COGM) and <a href=\"https:\/\/www.shipbob.com\/blog\/cost-of-goods-sold\/\" target=\"_blank\" rel=\"noreferrer noopener\">cost of goods sold (COGS)<\/a>. Here is how to calculate both figures:&nbsp;<\/p>\n\n\n\n<p class=\"is-style-indent\">COGM = (Beginning WIP Inventory + Total Manufacturing Cost) \u2013 Ending WIP Inventory&nbsp;<\/p>\n\n\n\n<p class=\"is-style-indent\">COGS = (<a href=\"https:\/\/www.shipbob.com\/blog\/beginning-inventory\/\" target=\"_blank\" rel=\"noreferrer noopener\">Beginning Inventory<\/a> + Purchases During the Period) \u2212 <a href=\"https:\/\/www.shipbob.com\/blog\/ending-inventory\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ending Inventory<\/a>&nbsp;<\/p>\n\n\n\n<p>Note: You will want the accounting period to be consistent throughout these formulas.&nbsp;<\/p>\n\n\n\n<p>Let\u2019s go over a quick step-by-step example of how to calculate finished goods inventory using all three formulas.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Say your brand makes and sells candles, and you want to calculate your finished goods inventory.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-1-decide-the-time-period-nbsp-nbsp\">Step 1: Decide the time period.&nbsp;&nbsp;<\/h3>\n\n\n\n<p>For the sake of accuracy, you\u2019ll need to work with the same time period for all of your formulas.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Say you run an ecommerce business that makes and sells candles, and you want to calculate your finished goods inventory.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Your first step would be to decide on a time frame for your calculations. For instance, you decide that you want to figure out what your finished goods inventory was last quarter.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-2-gather-the-necessary-data-nbsp-nbsp\">Step 2: Gather the necessary data.&nbsp;&nbsp;<\/h3>\n\n\n\n<p>Next, you should gather all the information you will need to use the 3 formulas. In our example, we\u2019ll assume that you comb your business\u2019s records and find that:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Beginning WIP Inventory = $750&nbsp;<\/li>\n\n\n\n<li>Ending WIP Inventory = $175&nbsp;<\/li>\n\n\n\n<li>Total Manufacturing Cost = $425&nbsp;<\/li>\n\n\n\n<li>Beginning Inventory = $250&nbsp;<\/li>\n\n\n\n<li>Ending Inventory = $200&nbsp;<\/li>\n\n\n\n<li>Purchases During the Period = $550&nbsp;<\/li>\n\n\n\n<li>Value of Previous Year\u2019s Finished Goods = $100&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-3-calculate-cogm-and-cogs-nbsp-nbsp\">Step 3: Calculate COGM and COGS.&nbsp;&nbsp;<\/h3>\n\n\n\n<p>Next, plug the appropriate data into the formulas for COGM, like so:&nbsp;<\/p>\n\n\n\n<p class=\"is-style-indent\">COGM =<strong> <\/strong>(Beginning WIP Inventory + Total Manufacturing Cost) \u2013 Ending WIP Inventory&nbsp;<\/p>\n\n\n\n<p class=\"is-style-indent\">COGM = ($750 + $425) \u2013 $175&nbsp;<\/p>\n\n\n\n<p class=\"is-style-indent\">COGM = $1,175 \u2013 $175&nbsp;<\/p>\n\n\n\n<p class=\"is-style-indent\">COGM = $1,000&nbsp;<\/p>\n\n\n\n<p>Do the same to calculate COGS:&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"is-style-indent\">COGS = (<a href=\"https:\/\/www.shipbob.com\/blog\/beginning-inventory\/\" target=\"_blank\" rel=\"noreferrer noopener\">Beginning Inventory<\/a> + Purchases During the Period) \u2212 <a href=\"https:\/\/www.shipbob.com\/blog\/ending-inventory\/\" target=\"_blank\" rel=\"noreferrer noopener\">Ending Inventory<\/a>&nbsp;<\/p>\n\n\n\n<p class=\"is-style-indent\">COGS = ($250 + $550) \u2013 $200&nbsp;<\/p>\n\n\n\n<p class=\"is-style-indent\">COGS = $800 \u2013 $200&nbsp;<\/p>\n\n\n\n<p class=\"is-style-indent\">COGS = $600&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-step-4-calculate-finished-goods-inventory-nbsp-nbsp\">Step 4: Calculate finished goods inventory.&nbsp;&nbsp;<\/h3>\n\n\n\n<p id=\"important\">Finally, plug the COGM and COGS results and the data for the value of the previous time period\u2019s finished goods into the formula for finished goods inventory, like so:&nbsp;<\/p>\n\n\n\n<p class=\"is-style-indent\">Finished Goods Inventory Formula = (COGM \u2013 COGS) + Value of Previous Year\u2019s Finished Goods&nbsp;<\/p>\n\n\n\n<p class=\"is-style-indent\">Finished Goods Inventory Formula = ($1,000 \u2013 $600) + $100&nbsp;<\/p>\n\n\n\n<p class=\"is-style-indent\">Finished Goods Inventory Formula = $400 + $100&nbsp;<\/p>\n\n\n\n<p class=\"is-style-indent\">Finished Goods Inventory Formula = $500&nbsp;<\/p>\n\n\n\n<p>In our example, your company\u2019s finished goods inventory for the last quarter would be $500.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-finished-goods-inventory-calculator\">Finished goods inventory calculator<\/h2>\n\n\n\n<div class=\"iframe-embed aligncenter\">\n  \n  \n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-is-the-finished-goods-inventory-formula-so-important-nbsp\">Why is the finished goods inventory formula so important?&nbsp;<\/h2>\n\n\n\n<p>Calculating good inventory formula can benefit your brand in many ways. Here\u2019s how the finished goods inventory formula can help your business.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-improves-financial-budgeting-nbsp-nbsp\">Improves financial budgeting&nbsp;&nbsp;<\/h3>\n\n\n\n<p>Balance sheets, financial statements, income statements, and other financial documents must account for current assets \u2014 inventory being your biggest one. When you know your finished goods inventory value, you are in a better position to report accurate financials and create operating budgets for the present and future.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-records-the-number-of-current-assets-nbsp\">Records the number of current assets&nbsp;<\/h3>\n\n\n\n<p>Even one mistake in your <a href=\"https:\/\/www.shipbob.com\/blog\/inventory-accounting\/\" target=\"_blank\" rel=\"noreferrer noopener\">inventory accounting<\/a> process can lead to an IRS audit. With the finished goods formula, you can easily track <a href=\"https:\/\/www.shipbob.com\/blog\/work-in-process-inventory\/\" target=\"_blank\" rel=\"noreferrer noopener\">work-in-process (WIP) inventory<\/a>, <a href=\"https:\/\/www.shipbob.com\/blog\/production-inventory\/\" target=\"_blank\" rel=\"noreferrer noopener\">production inventory<\/a>, and unfinished goods to ensure your accounting is accurate.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-reduces-waste-of-materials-nbsp\">Reduces waste of materials&nbsp;<\/h3>\n\n\n\n<p>Knowing the <a href=\"https:\/\/www.shipbob.com\/blog\/inventory-levels\/\" target=\"_blank\" rel=\"noreferrer noopener\">optimal inventory levels<\/a> for your business can save you money in the long run. Instead of spending a lot of money on <a href=\"https:\/\/www.shipbob.com\/blog\/warehousing\/\" target=\"_blank\" rel=\"noreferrer noopener\">warehousing<\/a> an excessive amount of <a href=\"https:\/\/www.shipbob.com\/blog\/material-requirements-planning\/\" target=\"_blank\" rel=\"noreferrer noopener\">raw materials<\/a> inventory and finished products, you can save by storing only what\u2019s needed.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-optimizes-inventory-management-processes-nbsp\">Optimizes inventory management processes&nbsp;<\/h3>\n\n\n\n<p id=\"shipbob\"><a href=\"https:\/\/www.shipbob.com\/blog\/supply-chain-optimization\/\" target=\"_blank\" rel=\"noreferrer noopener\">Supply chain optimizations<\/a> can always be made through automation or labour efficiency. By knowing the finished goods formula, you\u2019ll be able to track direct labour costs and manufacturing costs to find opportunities to improve production processes and automation opportunities.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-minimizes-stockouts-nbsp\">Minimizes stockouts&nbsp;<\/h3>\n\n\n\n<p>Out-of-stock products and <a href=\"https:\/\/www.shipbob.com\/inventory-kpis\/backorder\/\" target=\"_blank\" rel=\"noreferrer noopener\">backorders<\/a> cause customers to wait a long time for their purchase until an item is back in stock or cancel the order altogether. With the finished goods inventory formula, you can accurately predict how much inventory is needed to <a href=\"https:\/\/www.shipbob.com\/inventory-kpis\/stockout-costs\/\" target=\"_blank\" rel=\"noreferrer noopener\">prevent stockouts<\/a>.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-logistics-partners-like-shipbob-help-improve-finished-goods-inventory-management-nbsp\">How logistics partners like ShipBob help improve finished goods inventory management&nbsp;<\/h2>\n\n\n\n<p>Constantly calculating COGM, COGS, and finished goods inventory is a hassle. As a result, many ecommerce businesses outsource fulfilment and <a href=\"https:\/\/www.shipbob.com\/warehouse-operations\/inventory-storage\/\">inventory storage<\/a> to 3PLs (or <a href=\"https:\/\/www.shipbob.com\/3pl\/\" target=\"_blank\" rel=\"noreferrer noopener\">third-party logistics providers<\/a>).&nbsp;<\/p>\n\n\n\n<p>Logistics partners not only provide professional <a href=\"https:\/\/www.shipbob.com\/blog\/order-fulfillment\/\" target=\"_blank\" rel=\"noreferrer noopener\">order fulfilment<\/a> services, but make <a href=\"https:\/\/www.shipbob.com\/blog\/inventory-audit\/\" target=\"_blank\" rel=\"noreferrer noopener\">inventory auditing<\/a> and management easier by leveraging <a href=\"https:\/\/www.shipbob.com\/inventory-management\/software\/\">inventory management software<\/a> that tracks and records data for you.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Here\u2019s a deeper look into how an ecommerce enablement partner like ShipBob can help you optimise your inventory management.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-embed-handler wp-block-embed-embed-handler wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"ShipBob Fulfillment Center Guided Tour - 3D 360\u00b0 VR Video\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/YdTbM4XlizY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-track-inventory-levels-in-real-time-nbsp-nbsp\">1. Track inventory levels in real-time&nbsp;&nbsp;<\/h3>\n\n\n\n<p>Tracking all your inventory by hand may be feasible if you\u2019re only selling a few <a href=\"https:\/\/www.shipbob.com\/blog\/how-to-find-sku-number\/\">SKUs<\/a> SKUs or fulfilling a few orders per month \u2013 but as your business grows, you\u2019ll need a scalable, automated way to monitor inventory levels.&nbsp;&nbsp;<\/p>\n\n\n\n<p>ShipBob\u2019s dashboard enables business owners to see their inventory levels across storage locations and sales channels in real-time. You can also access up-to-date analytics to track SKU velocity, <a href=\"http:\/\/https\/\/www.shipbob.com\/blog\/inventory-days-hand\/%20%E2%80%8B\" target=\"_blank\" rel=\"noreferrer noopener\">days on hand<\/a>, average units sold per day, <a href=\"https:\/\/www.shipbob.com\/warehouse-operations\/inventory-storage\/\">storage costs<\/a>, and other inventory metrics to deliver more actionable insights.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" src=\"https:\/\/www.shipbob.com\/au\/wp-content\/uploads\/sites\/33\/2024\/08\/inventory-summary-and-turnover-from-ShipBobs-analytics-tool.png?w=1280px\" alt=\"\" class=\"wp-image-14402\" data-responsive-img srcset=\"https:\/\/www.shipbob.com\/au\/wp-content\/uploads\/sites\/33\/2024\/08\/inventory-summary-and-turnover-from-ShipBobs-analytics-tool.png?w=700px 650w, https:\/\/www.shipbob.com\/au\/wp-content\/uploads\/sites\/33\/2024\/08\/inventory-summary-and-turnover-from-ShipBobs-analytics-tool.png?w=860px 768w, https:\/\/www.shipbob.com\/au\/wp-content\/uploads\/sites\/33\/2024\/08\/inventory-summary-and-turnover-from-ShipBobs-analytics-tool.png?w=1180px 1080w, https:\/\/www.shipbob.com\/au\/wp-content\/uploads\/sites\/33\/2024\/08\/inventory-summary-and-turnover-from-ShipBobs-analytics-tool.png?w=1400px 1280w, https:\/\/www.shipbob.com\/au\/wp-content\/uploads\/sites\/33\/2024\/08\/inventory-summary-and-turnover-from-ShipBobs-analytics-tool.png?w=1600px 1440w\" fetchpriority=\"low\" \/><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-automate-reorder-notifications-to-prevent-stockouts-nbsp\">2. Automate reorder notifications to prevent stockouts&nbsp;<\/h3>\n\n\n\n<p>If you forget to <a href=\"https:\/\/www.shipbob.com\/blog\/inventory-replenishment\/\">replenish inventory<\/a> at the right time, you may not have enough stock left to meet demand. This can cause stockouts and backorders, which are never popular with customers.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Through ShipBob\u2019s dashboard, you can set and receive automatic <a href=\"https:\/\/www.shipbob.com\/blog\/reorder-point-formula\/\" target=\"_blank\" rel=\"noreferrer noopener\">reorder point<\/a> notifications for each SKU. That way, when that SKU\u2019s quantity falls below a specific threshold, you can reorder on time and never lose sales to stockouts.&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"394\" width=\"700\" src=\"https:\/\/www.shipbob.com\/wp-content\/uploads\/2024\/01\/78805a221a988e79ef3f42d7c5bfd418-700x394.png?w=1280px\" alt=\"\" class=\"wp-image-10992\" data-responsive-img srcset=\"https:\/\/www.shipbob.com\/wp-content\/uploads\/2024\/01\/78805a221a988e79ef3f42d7c5bfd418-700x394.png?w=700px 650w, https:\/\/www.shipbob.com\/wp-content\/uploads\/2024\/01\/78805a221a988e79ef3f42d7c5bfd418-700x394.png?w=860px 768w, https:\/\/www.shipbob.com\/wp-content\/uploads\/2024\/01\/78805a221a988e79ef3f42d7c5bfd418-700x394.png?w=1180px 1080w, https:\/\/www.shipbob.com\/wp-content\/uploads\/2024\/01\/78805a221a988e79ef3f42d7c5bfd418-700x394.png?w=1400px 1280w, https:\/\/www.shipbob.com\/wp-content\/uploads\/2024\/01\/78805a221a988e79ef3f42d7c5bfd418-700x394.png?w=1600px 1440w\" fetchpriority=\"low\" \/><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-forecast-demand-more-accurately-nbsp-nbsp\">3. Forecast demand more accurately&nbsp;&nbsp;<\/h3>\n\n\n\n<p>ShipBob\u2019s <a href=\"https:\/\/www.shipbob.com\/blog\/new-free-analytics-reporting-tool\/\" target=\"_blank\" rel=\"noreferrer noopener\">analytics tool<\/a> makes it easy to find the data your brand needs to make important decisions. You can analyse each SKU\u2019s performance and calculate inventory turnover to distinguish your best-sellers from your slow-movers, and leverage the historical order data that ShipBob automatically tracks for your brand to achieve more accurate trend and demand forecasts. With this data, you\u2019ll have a better understanding of what to stock when.&nbsp;&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"624\" height=\"280\" src=\"https:\/\/www.shipbob.com\/au\/wp-content\/uploads\/sites\/33\/2023\/12\/78805a221a988e79ef3f42d7c5bfd418-31.png?w=1280px\" alt=\"\" class=\"wp-image-10751\" data-responsive-img srcset=\"https:\/\/www.shipbob.com\/au\/wp-content\/uploads\/sites\/33\/2023\/12\/78805a221a988e79ef3f42d7c5bfd418-31.png?w=700px 650w, https:\/\/www.shipbob.com\/au\/wp-content\/uploads\/sites\/33\/2023\/12\/78805a221a988e79ef3f42d7c5bfd418-31.png?w=860px 768w, https:\/\/www.shipbob.com\/au\/wp-content\/uploads\/sites\/33\/2023\/12\/78805a221a988e79ef3f42d7c5bfd418-31.png?w=1180px 1080w, https:\/\/www.shipbob.com\/au\/wp-content\/uploads\/sites\/33\/2023\/12\/78805a221a988e79ef3f42d7c5bfd418-31.png?w=1400px 1280w, https:\/\/www.shipbob.com\/au\/wp-content\/uploads\/sites\/33\/2023\/12\/78805a221a988e79ef3f42d7c5bfd418-31.png?w=1600px 1440w\" fetchpriority=\"low\" \/><\/figure>\n<\/div>\n\n\n<p>&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-4-distribute-inventory-strategically-nbsp-nbsp\">4. Distribute inventory strategically&nbsp;&nbsp;<\/h3>\n\n\n\n<p>As your brand continues to grow, you may end up having to split inventory across multiple fulfilment centres to reach distant customers more quickly and affordably.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Using ShipBob\u2019s <a href=\"https:\/\/support.shipbob.com\/s\/article\/Inventory-Map-and-Distribution\">Ideal Inventory Distribution tool<\/a>, ShipBob customers can calculate the optimal allocation of inventory across ShipBob\u2019s fulfilment centre network based on past order destinations. This enables you to reduce the average shipping zone you ship to, minimising shipping distances and costs.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Merchants can even leverage ShipBob\u2019s Inventory Placement Program to have ShipBob physically distribute their inventory for them. All you have to do is send inventory to one of ShipBob\u2019s hub locations, and ShipBob will take care of the rest.&nbsp;&nbsp;<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"393\" width=\"700\" src=\"https:\/\/www.shipbob.com\/wp-content\/uploads\/2024\/01\/b9998fccb8a92e8d9cc3c8436ab100e2-1-700x393.jpg?w=1280px\" alt=\"\" class=\"wp-image-11044\" data-responsive-img srcset=\"https:\/\/www.shipbob.com\/wp-content\/uploads\/2024\/01\/b9998fccb8a92e8d9cc3c8436ab100e2-1-700x393.jpg?w=700px 650w, https:\/\/www.shipbob.com\/wp-content\/uploads\/2024\/01\/b9998fccb8a92e8d9cc3c8436ab100e2-1-700x393.jpg?w=860px 768w, https:\/\/www.shipbob.com\/wp-content\/uploads\/2024\/01\/b9998fccb8a92e8d9cc3c8436ab100e2-1-700x393.jpg?w=1180px 1080w, https:\/\/www.shipbob.com\/wp-content\/uploads\/2024\/01\/b9998fccb8a92e8d9cc3c8436ab100e2-1-700x393.jpg?w=1400px 1280w, https:\/\/www.shipbob.com\/wp-content\/uploads\/2024\/01\/b9998fccb8a92e8d9cc3c8436ab100e2-1-700x393.jpg?w=1600px 1440w\" fetchpriority=\"low\" \/><\/figure>\n<\/div>\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-shipbob-s-inventory-management-expertise-helped-zbiotics-streamline-inventory-nbsp-nbsp\">How ShipBob\u2019s inventory management expertise helped ZBiotics streamline inventory&nbsp;&nbsp;<\/h3>\n\n\n\n<p>When it comes to managing your inventory, your brand needs a partner that can deliver cutting-edge, effective solutions.&nbsp;<\/p>\n\n\n\n<p>Probiotic drink brand Zbiotics discovered this when they transitioned to a fulfilment partner with archaic technology. After dealing with a dashboard that lacked many core functionalities, they decided to partner with ShipBob and access the high-quality software they needed.&nbsp;<\/p>\n\n\n\n<p>Zbiotics soon joined ShipBob\u2019s Inventory Placement Program, and were able to distribute their inventory across 4 ShipBob fulfilment centres. This not only saved them time and effort, but also helps them get their products to customers faster.&nbsp;&nbsp;<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-style-blog is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cBefore being a part of the Inventory Placement Program, we were shipping LTLs to each fulfilment centre, so it made a lot of sense for us to take advantage of this program. Previously, our Inventory Planner was doing calculations to determine which SKUs needed to go where, but she doesn\u2019t have to do that now. This solution has made our jobs easier, and the pricing was competitive. <\/p>\n\n\n\n<p>There\u2019s a level of visibility that allows us to see the internal transfers being made, so we know when products are expected to arrive at each fulfilment centre. While I love working within spreadsheets, that type of modeling is rough because it isn\u2019t updated in real-time. Using ShipBob\u2019s real-time data and being able to see when inventory reaches the initial hub location really takes work off of our plates.\u201d<\/p>\n\n\n\n<p>Michael Mullaney, VP of Supply Chain at <a href=\"https:\/\/www.shipbob.com\/blog\/zbiotics\/\" target=\"_blank\" rel=\"noreferrer noopener\">ZBiotics<\/a>&nbsp;<\/p>\n<\/blockquote>\n\n\n\n<p id=\"FAQ\">To learn more about how ShipBob can help with <a href=\"https:\/\/www.shipbob.com\/inventory-management\/inventory-optimization\/\" target=\"_blank\" rel=\"noreferrer noopener\">inventory optimisation<\/a> and <a href=\"https:\/\/www.shipbob.com\/ecommerce-fulfillment\/\" target=\"_blank\" rel=\"noreferrer noopener\">ecommerce fulfilment<\/a>, click the button below to contact us and request a pricing quote.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.shipbob.com\/quote\/\"><strong>Request Fulfilment Pricing<\/strong><\/a><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-finished-goods-inventory-faqs-nbsp\">Finished goods inventory FAQs&nbsp;<\/h2>\n\n\n\n<p>Here are answers to some of the most common questions about finished goods inventory.<\/p>\n\n\n\n<div class=\"wp-block-shipbob-blocks-single-faq single-faq direction-col\" data-controller=\"faq-controller\" data-faq-controller-open-value=\"true\"><div class=\"single-faq-title-contianer\"><h4 class=\"single-faq-title\">What type of account is finished goods inventory?&nbsp;<\/h4><div class=\"single-faq-expand\" data-faq-controller-target=\"expand\"><img decoding=\"async\" src=\"\/wp-content\/themes\/shipbob-2022\/resources\/svg\/plus-solid.svg\" \/><\/div><\/div><div class=\"single-faq-childs\" data-faq-controller-target=\"answer\"><div>\n\n<p>Finished goods inventory should be listed as one of your short-term assets on your company\u2019s balance sheet.<\/p>\n\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-shipbob-blocks-single-faq single-faq direction-col\" data-controller=\"faq-controller\" data-faq-controller-open-value=\"true\"><div class=\"single-faq-title-contianer\"><h4 class=\"single-faq-title\">How do you record finished goods inventory?&nbsp;<\/h4><div class=\"single-faq-expand\" data-faq-controller-target=\"expand\"><img decoding=\"async\" src=\"\/wp-content\/themes\/shipbob-2022\/resources\/svg\/plus-solid.svg\" \/><\/div><\/div><div class=\"single-faq-childs\" data-faq-controller-target=\"answer\"><div>\n\n<p>You can record finished goods inventory on your balance sheet as a current asset. You should also track and record finished goods inventory value over time in a separate capacity.&nbsp;<\/p>\n\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-shipbob-blocks-single-faq single-faq direction-col\" data-controller=\"faq-controller\" data-faq-controller-open-value=\"true\"><div class=\"single-faq-title-contianer\"><h4 class=\"single-faq-title\">What is the difference between work-in-progress and finished goods inventory?&nbsp;<\/h4><div class=\"single-faq-expand\" data-faq-controller-target=\"expand\"><img decoding=\"async\" src=\"\/wp-content\/themes\/shipbob-2022\/resources\/svg\/plus-solid.svg\" \/><\/div><\/div><div class=\"single-faq-childs\" data-faq-controller-target=\"answer\"><div>\n\n<p>There are different types of inventory. Work-in-process inventory refers to the total amount of inventory that is partly finished within any production round, or inventory that is still in the process of being created or completed.&nbsp;&nbsp;<\/p>\n\n\n<p>Finished goods inventory, in contrast, is the total amount of final product, or inventory that is complete and sellable.<\/p>\n\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-shipbob-blocks-single-faq single-faq direction-col\" data-controller=\"faq-controller\" data-faq-controller-open-value=\"true\"><div class=\"single-faq-title-contianer\"><h4 class=\"single-faq-title\">How does finished goods inventory affect a company&#8217;s financial statements?&nbsp;<\/h4><div class=\"single-faq-expand\" data-faq-controller-target=\"expand\"><img decoding=\"async\" src=\"\/wp-content\/themes\/shipbob-2022\/resources\/svg\/plus-solid.svg\" \/><\/div><\/div><div class=\"single-faq-childs\" data-faq-controller-target=\"answer\"><div>\n\n<p>Finished goods inventory are usually a positive thing to see on a company\u2019s financial statements and balance sheets, as they are counted as an asset and therefore bring value to the company. This value often depends on the accounting methods a brand uses to calculate COGS (and, by extension, finished goods inventory).<\/p>\n\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-shipbob-blocks-single-faq single-faq direction-col\" data-controller=\"faq-controller\" data-faq-controller-open-value=\"true\"><div class=\"single-faq-title-contianer\"><h4 class=\"single-faq-title\">What are examples of finished goods?&nbsp;<\/h4><div class=\"single-faq-expand\" data-faq-controller-target=\"expand\"><img decoding=\"async\" src=\"\/wp-content\/themes\/shipbob-2022\/resources\/svg\/plus-solid.svg\" \/><\/div><\/div><div class=\"single-faq-childs\" data-faq-controller-target=\"answer\"><div>\n\n<p>Finished goods are any products that are in their final state and available to be sold.&nbsp;&nbsp;<\/p>\n\n\n<p>The table below compares goods considered WIP inventory and finished goods.&nbsp;&nbsp;<\/p>\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>WIP Inventory&nbsp;<\/strong><\/td><td><strong>Finished Goods&nbsp;<\/strong><\/td><\/tr><tr><td>A half-knitted sweater&nbsp;<\/td><td>A completed sweater&nbsp;<\/td><\/tr><tr><td>An unbound book&nbsp;<\/td><td>A bound book&nbsp;<\/td><\/tr><tr><td>Cereal&nbsp;<\/td><td>Cereal sealed in a cereal box&nbsp;<\/td><\/tr><\/tbody><\/table><\/figure>\n\n<\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Learn the most common finished goods inventory methods, how to calculate it, and examples to improve tracking your available inventory for customers.<\/p>\n","protected":false},"author":194,"featured_media":25906,"parent":0,"template":"","meta":{"content-type":"","inline_featured_image":false,"footnotes":""},"blogcategories":[8],"class_list":["post-1509","blog","type-blog","status-publish","has-post-thumbnail","hentry","blogcategories-inventory"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Finished Goods Inventory: Calculator, Formula, &amp; 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