In practice, it can be repeatedly seen that unfinished goods are misvalued on purpose in order to make a companys financial position look better than it actually is at the time of year-end closing. This, however, is often at the expense of creditor protection. The aim of the underlying work is to provide a detailed description of the legal basis for valuing unfinished goods in accordance with Austrian commercial law, which is further illustrated by practical examples. In the first chapter, a definition of unfinished goods is given and the lowest value principle as well as other relevant valuation principles are described in detail. The main part of the thesis deals with the explanation and calculation of the various approaches to value unfinished goods. As the valuation of unfinished goods is particularly relevant in the context of insolvency proceedings and thus in the associated balance sheet, the valuation principles used in the course of insolvency proceedings are examined in detail. Further, particular focus is put on the associated accounting and the impact of closing postings on the financial statements. Finally, the calculation methods for the respective valuation approaches are presented in a practical and clear manner.