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6) Which of the following represents the the accumulated costs on jobs started and completed by...

6) Which of the following represents the the accumulated costs on jobs started and completed by the end of the period but not sold?

A. Raw Materials Inventory B. Work in Process Inventory C. Finished Goods Inventory D. Cost of Goods Sold

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Answer #1

Option C i.e. Finished Goods Inventory.

Finished Goods Inventory cost is the cost of inventory which has been completed during the year and available for sale.

Whereas Raw material Inventory is the cost of inventory which has not been transferred to Manufacturing department for Manufacturing.

Work in Process Inventory is the cost of Inventory for which process has been started but not completed during the year.

Cost of Goods sold is the cost of Inventory which has been sold during the year.

Therefore, Finished Goods Inventory is the accunulaccu cost on job started and completed during the period.

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