Explanation a. Finished Goods Inventory account will be impacted. Total cost of manufacturing the job is moved to finished goods inventory account when the job is completed. Finished goods inventory account is debited and work in process inventory account is credited. Both finished goods and work in process inventory are asset account. If the balance of asset account increases it will be debited and if the balance decreases it will be credited. This journal entry is passed to move the completed jobs out of the factory and into finished goods. Hence, option a is correct. b. Sales Revenue account will not get impacted. When the units are sold sales revenue, account will be credited and accounts receivables account will be debited...

Managerial Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (5th Edition)

5th Edition

ISBN: 9780134642093

Author: Karen W. Braun, Wendy M. Tietz

Publisher: PEARSON

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Chapter 3, Problem 9QC

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To identify: Total cost of manufacturing the job is moved to which account when the job is completed.

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Managerial Accounting, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (5th Edition)

Ch. 3 - (Learning Objective 1) For which of the following...Ch. 3 - (Learning Objective 2) Which of the following...Ch. 3 - (Learning Objective 2) Which of the following...Ch. 3 - (Learning Objective 3) The amount of manufacturing...Ch. 3 - (Learning Objective 4) Which of the following is...Ch. 3 - (Learning Objective 5) Which of the following is...Ch. 3 - (Learning Objective 5) Assuming the amount of...Ch. 3 - Prob. 8QC Ch. 3 - Prob. 9QC Ch. 3 - Prob. 10QC

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Total cost of manufacturing the job is moved to which account when the job is completed.

Solution Summary: The author explains that when a job is completed, the total cost of manufacturing is moved to finished goods inventory account, which is debited and work in process inventory is credited.

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To identify: Total cost of manufacturing the job is moved to which account when the job is completed.

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Chapter 3 Solutions