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The total costs on job cost sheets for jobs that are completed but not yet sold...

The total costs on job cost sheets for jobs that are completed but not yet sold equals the balance in the Work in Process Inventory account. True or False

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Answer #1

The total costs on job cost sheets for jobs that are completed but not yet sold equals the balance in the Work in Process Inventory account.

The given statement is False. Work in process inventory refers to the job which has started and on which some work has been done but the job is still incomplete. Jobs completed are not a part of work in process inventory.

The completed jobs are a part of Finished goods inventory. Until a job is sold, it is considered as finished goods. Thus the total cost on job cost sheet for jobs that are completed but not yet sold equals the balance in finished goods inventory.

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