Identify the account to which the costs of a finished job is added.

Question

Under a job costing system, the dollar amount of the entry involved in the transfer of inventory from work in process to finished goods is the sum of the costs charged to all jobsA. in process during the period.B. completed during the period.C. completed and sold during the period.D. started in process during the period.

Answer 1

Question

Chapter 4, Problem 11MCQ

To determine

Identify the account to which the costs of a finished job is added.

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Under a job costing system, the dollar amount of the entry involved in the transfer of inventory from work in process to finished goods is the sum of the costs charged to all jobsA. in process during the period.B. completed during the period.C. completed and sold during the period.D. started in process during the period.

Premier Products uses the following account titles: A. Accounts payable B. Raw materials inventory C. Work in process inventory D. Manufacturing overhead E. Cost of goods sold F. Depreciation expense G. Accumulated depreciation H. Wages and salaries payable 1. Wages and salaries expense J. Finished goods inventory For each transaction described below, indicate which accounts would be debited and credited under a job order cost system: 1. Materials are purchased on account 2. Materials are placed into production 3. Direct labor cost is incurred 4. Depreciation is recorded on the factory equipment 5. Manufacturing overhead is applied to units of product 6. Cost of goods manufactured is recorded 7. Cost of goods sold is recorded Debit Credit

As production takes place, all manufacturing costs are added to the: O a. Production Labor account. b. Cost-of-Goods-Sold account. O c. Work-in-Process Inventory account. O d. Finished-Goods Inventory account. O e. Manufacturing-Overhead Inventory account.