Asked by Irene Lujano on Jul 27, 2024
Verified
The balance in the Work in Process Inventory at any point in time equals
A) the costs for jobs finished during the period but not yet sold.
B) the manufacturing cost of jobs ordered but not yet started into production.
C) the sum of the manufacturing costs for all jobs in process but not yet completed.
D) the manufacturing costs of all jobs started during the period,completed or not.
E) the sum of the materials,labor and overhead costs paid during the period.
Work in Process Inventory
Inventory that includes all materials and labor currently in the process of being manufactured but not yet completed.
Manufacturing Costs
Manufacturing costs are all the direct costs associated with producing goods, including direct labor, materials, and allocated overhead.
- Recognize the documentation and flow of costs in a job order costing system.
Verified Answer
TB
Taneeyah BooneJul 28, 2024
Final Answer :
C
Explanation :
Work in Process Inventory is the inventory of partially completed goods or products that are currently being worked on. It includes the manufacturing costs for all jobs that are in process but not yet completed. Therefore, option C is the correct answer. Options A, B, D, and E do not fully explain the contents of Work in Process Inventory.
Learning Objectives
- Recognize the documentation and flow of costs in a job order costing system.