Only classes figure into accounting. Using SM-C you set up the classes (can be different for each location) and assign GLs for each class. Non-finished goods might all go into a non-finished class or two, but your finished goods might be in various classes, e.g. for a general store Hardware, Dry Goods, Clothing, Tack, and Magazines might be best to track separately to know where your income, profit, loss, etc. is coming from. Or you might want to track taxable vs non-taxable within each class.
 
http://www.evoerp.com/webhelp/html/SM_C_Enter_Item_Classes.htm