The Journal Entry to Record the Completion of Goods Includes

question 24

Multiple Choice

The journal entry to record the completion of goods includes:

• A) a credit to Conversion Costs.
• B) a credit to Work in Process Inventory.
• C) a credit to Finished Goods Inventory.
• D) a credit to Cost of Goods SolD.
• When goods are completed, the cost is debited to Finished Goods Inventory and credited to Work in Process Inventory.

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Definitions:

Contribution Margin Technique

A method used in managerial accounting to analyze the profitability of products, segments, or services by calculating revenues minus variable costs.

Depreciation

The systematic allocation of the depreciated cost of an asset over its useful life.

Real Estate Taxes

Taxes levied on property by the local government, based on the assessed value of the property.

Cleaning Service

A company or service provided by workers who perform cleaning tasks for residential or commercial spaces.