When a Product Has Completed the Manufacturing Process What Is

question 32

Multiple Choice

When a product has completed the manufacturing process what is the journal entry to record the transfer of its cost?

• A)debit to Cost of Goods Sold credit Work-in-Process
• B)debit to Finished Goods credit of Work-in-Process
• C)debit to Cost of Good Sold credit to Finished Goods Inventory
• D)debit to Work-in-Process Inventory credit to Finished Good Inventory

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Definitions:

Buyers and Sellers

Parties involved in the exchange of goods, services, or financial instruments in a marketplace.

Caveat Emptor

A legal principle that means "let the buyer beware," implying that it is the buyer's responsibility to perform due diligence before making a purchase.

Pre-owned Car

A vehicle that has been previously owned by one or more retail owners, typically sold through various outlets including dealerships and private sales.

Purchase Price

The amount of money paid to buy a product or service.