Question

The cost of goods completed during a period is transferred from the Finished Goods Inventory account to Cost of Goods Sold. true or false

Answer 1

True

Explanation:

The cost of finished goods(goods completed) are transferred from finished goods account to cost of goods sold when the entire goods produced is sold. If there is part of goods produced is sold, then closing inventory will come into picture. To compute cost of goods sold, Add cost of beginning inventory of finished goods to the cost of goods completed during the period and then subtract cost of ending inventory of finished goods.

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