Asked by Martie Coleman on May 08, 2024
Verified
Recording jobs completed would include a debit to
A) Factory Overhead
B) Finished Goods
C) Work in Process
D) Cost of Goods Sold
Finished Goods
Products that have completed the manufacturing process and are ready for sale to customers.
Work in Process
Inventory account representing goods that are in various stages of the production process but are not yet completed goods.
- Discern the various accounts and entries necessary for the completion of jobs and the reallocation of costs within manufacturing accounts.
- Obtain knowledge about the flow of expenses through a manufacturing process, including the stages of work in process, finished merchandise, and the cost of sales.
Verified Answer
KT
Khaliq TankardMay 13, 2024
Final Answer :
B
Explanation :
Jobs completed are finished goods, which are transferred from work in process to finished goods inventory. Therefore, recording jobs completed would involve a debit to Finished Goods.
Learning Objectives
- Discern the various accounts and entries necessary for the completion of jobs and the reallocation of costs within manufacturing accounts.
- Obtain knowledge about the flow of expenses through a manufacturing process, including the stages of work in process, finished merchandise, and the cost of sales.
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