Question

Which of the following is the correct flow of manufacturing costs? a.work in process, finished goods,...

Which of the following is the correct flow of manufacturing costs?

a.work in process, finished goods, raw materials, cost of goods sold

b.raw materials, work in process, finished goods, cost of goods sold

c.raw materials, finished goods, cost of goods sold, work in process

d.cost of goods sold, raw materials, work in process, finished goods

Business   Accounting   
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Answer #1

In case of Manufacturing, first raw materials should be purchased and then they should be issued for the manufacturing process. When the raw materials are getting processed, they are termed as work in process. Once the raw materials are completely processed, they are called finished goods. The finished goods are then sold.

Correct flow of manufacturing costs is Raw Materials, Work in Process, Finished Goods, Cost of Goods Sold.

Correct Option is b) Raw Materials, Work in Process, Finished Goods, Cost of Goods Sold.

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