Which One of the Following Should Be Equal to the Balance

question 63

Multiple Choice

Which one of the following should be equal to the balance of the Work in Process Inventory account at the end of the period?

• A)the total of manufacturing overhead applied to work in process for the period
• B)the total manufacturing costs for the period
• C)the total of the amounts transferred from raw materials for the current period
• D)the sum of the costs shown on the job cost sheets of unfinished jobs

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Definitions:

Closing Entry

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thus preparing the books for the next period.

Reversing Entry

An accounting entry made at the beginning of a period to reverse the effects of certain adjustments made in the previous period.

Salary Expense

The cost incurred by a business to pay its employees.