Yes, it is more than a possibility, but forget about the consumer goods aspect. If we all lived together for one another we would fulfill everyone's needs and desires.
A true society is a community, that is only possible where there is complete co-operation.
So how would this work out?
The basics are food, shelter, clothing, pleasure, etc. Remove money from those few needs and what we'd have is unlimited.
Food would be grown locally and in abundance via new techniques such as massive green houses, hydroponic systems, etc. So even in colder climates we could have plenty. We could also exchange foodstuff with other communities worldwide.
Shelter, a well built house will be home to many for centuries, and thus minimize use of resources. We already have the means to build such homes which would be energy efficient, very low maintenance, which would be built according to climate, according to family needs, etc.
Obviously without the restriction of money a family or an individual would live in an adequate home rather than be squashed in like sardines in a little flimsy tin. Humans naturally like space, lack of such drives us nuts!
Clothing can be made from materials other than animal hair or skin. Mind you sheep don't generally bother about a trim;
Pleasure, even now that need not involve money.
I may have seemed to have jumped ahead a little, but let's look at more detail. All of this will take work, but how much, and can it really be termed work when helping others, when doing things for yourself is actually a pleasure. Obviously co-operation means we'd all be contributing in some way, but that doesn't mean you'd do anything unsuitable or against your will. We do have machines to do most work, yes even now.
The greatest advance would be free electricity. Even with today's technology we could have a complete and perfectly function worldwide community. There are deserts a plenty. So get some panels there and hey presto, mega mega watts.
We've always had inventors, visionaries, but these are all held by lack of money, or big business blocking their methods, buying up their technological know how and suppressing it.
Business is about profit, and that's why business is bad for the planet, for us.
A humanity free of money will be a humanity free of struggle, able to focus on the real needs creatively and bring about a simplicity of living to actually allow us all to live rather than function as machines for making others money.
Every area of our lives is limited and corrupted by money. Education is not education but schooling, with the end of a compliant weak worker and nothing more. Housing is not housing but what you can afford, or not.
So, the real question is, are you ready?