Asked by Kevin Oxrider on May 09, 2024
Verified
Finished Goods Inventory is charged for the cost of jobs completed during a period.
Finished Goods Inventory
Items that have completed the manufacturing process but have not yet been sold to customers.
Jobs Completed
Refers to work or projects that have been fully finished or executed, especially in a manufacturing or service-oriented business context.
- Understand the function and billing method of direct materials, work in process, and finished goods within the cost accounting cycle.
Verified Answer
AF
António FelgueirasMay 12, 2024
Final Answer :
True
Explanation :
Finished Goods Inventory is the account used to track the cost of completed products ready for sale. It is charged for the cost of jobs completed during a period.
Learning Objectives
- Understand the function and billing method of direct materials, work in process, and finished goods within the cost accounting cycle.
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