Finished Goods

Finished goods are goods that have completed the manufacturing process but have not yet been sold [Collins English Dictionary].

Until the goods are not completed in the product and the work-in-progress phase of the goods manufactured is finished, the finished goods are not written to the inventory account. Instead, common practice is to open a work-in-progress account where you manage the inventory that is still being finished.
Apart from this, the value of the inventory for the current accounting period is calculated in the financial statements and then shown in the final accounts. The inventory is calculated by balancing-off the sales with cost of sales and calculating the closing balance figure. This figure is then reported in the balance sheet to show the current inventory value in the current assets of the company.
Finished goods are inventory items unique to manufacturers. As retailers purchase their inventory in completed form, there’s no need to categorize or segment their inventory. Goods and products that have been purchased and are ready for sale are known as merchandise [Sumup].

Sources:

Finished goods – what are finished goods? Sumup. Retrieved from: https://www.sumup.com/en-gb/invoices/dictionary/finished-goods/

Finished goods inventory. International Financial Reporting Tool. Retrieved from: https://www.readyratios.com/reference/accounting/finished_goods_inventory.html

Finished goods. Collins English Dictionary. Retrieved from: https://www.collinsdictionary.com/dictionary/english/finished-goods