When a Job Is Completed and All Costs Have Been

question 92

Multiple Choice

When a job is completed and all costs have been accumulated on a job cost sheet the journal entry that should be made is

• A) Finished Goods Inventory Direct Materials
• Direct Labor
• Manufacturing Overhead
• B) Work In Process Inventory Direct Materials
• Direct Labor
• Manufacturing Overhead
• C) Raw Materials Inventory Work In Process Inventory
• D) Finished Goods Inventory Work In Process Inventory

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Definitions:

Good Faith

A principle that implies honesty, fairness, and integrity in the intentions or beliefs of a party, particularly during negotiations.

Bailment

The act of temporarily placing control or possession of personal property in the hands of another person, under agreement.

Claim Receipt

A document provided by an insurance company or other entity acknowledging that they have received a claim.

Valet

A service employee who parks cars for guests at venues, hotels, or restaurants.