Inventory Asset vs Finish Goods vs Work in Progress please explain or help me choose
New to this so please if you can help in any way I would really appreciate it. So here we go. I make and sell and item which is made out of bunch of other items. (Composite Item). Now one of the parts that the item is made from is also a composite item. If I create the composite item that is used to make the composite item that I sell do I choose "Inventory Asset" , "Finish Goods" or "Work in progress" under INVENTORY ACCOUNT. If you could explain what each means that will be great.
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