**Understanding the Recording of Cost of Goods Manufactured**When goods are completed in the manufacturing process, it's essential to record this in the company's journal accurately. This ensures that inventory levels and costs are correctly tracked. Below we consider different journal entries that might be used to record the cost of goods manufactured when they are completed.**Question:**Which of the following is the correct journal entry to record the cost of goods manufactured when goods are completed?**Options:**1. **Option A** - **Debit**: Work in Process Inventory xx - **Credit**: Manufacturing Overhead Control xx2. **Option B** - **Debit**: Manufacturing Overhead Control xx - **Credit**: Cash or other Payables xx3. **Option C** - **Debit**: Finished Goods Inventory xx - **Credit**: Work in Process Inventory xx4. **Option D** - **Debit**: Finished Goods Inventory xx - **Credit**: Manufacturing Overhead Control xx**Explanation:**The correct journal entry is **Option C**, which involves:- **Finished Goods Inventory (Debit)**: This represents the completion of goods that are now ready to be sold. By debiting the Finished Goods Inventory, it reflects an increase in this asset account.- **Work in Process Inventory (Credit)**: This reflects the reduction in the Work in Process Inventory as the manufacturing process is completed and the cost is transferred to Finished Goods Inventory.This entry effectively moves the cost from being in process to being a completed, sellable product. Understanding this concept is fundamental for accurate financial reporting and inventory management in manufacturing companies.

To record the journal entry of cost of goods manufactured when goods are completed is Finished good…

Which of the following is the correct journal entry to record the cost of goods manufactured when goods are completed? Work in Process Inventory XX Manufacturing Overhead Control XX Manufacturing Overhead Control XX Cash or other Payables XX Finished Goods Inventory XX Work in Process Inventory XX Finished Goods Inventory XX Manufacturing Overhead Control XX

Which of the following is the correct journal entry to record the cost of goods manufactured when goods are completed? Work in Process Inventory XX Manufacturing Overhead Control XX Manufacturing Overhead Control XX Cash or other Payables XX Finished Goods Inventory XX Work in Process Inventory XX Finished Goods Inventory XX Manufacturing Overhead Control XX

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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