Make-to-stock refers to finished goods that are produced prior to receiving a customer order. Manufacturer-specific inventory items include finished goods. There is no need to categorize or split retailers' inventory because everything is purchased in finished form. Merchandise refers to goods and products that have been purchased and are prepared for sale.
A good is bought and used as "raw material" to create a product. "Work in process" refers to a product that is only partially finished throughout the manufacturing process. A "finished good" is a product that has concluded manufacturing but has not yet been distributed or sold to the final consumer.
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