Which of the Following Is the Correct Journal Entry to Record

question 92

Multiple Choice

Which of the following is the correct journal entry to record the cost of goods manufactured?

• A) Finished Goods Inventory
• Work in Process Inventory
• B) Work in Process Inventory
• Manufacturing Overhead Control
• C) Manufacturing Overhead Control
• Cash or other Payables
• D) Finished Goods Inventory
• Manufacturing Overhead Control

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Definitions:

Standard Costs

Predetermined costs for materials, labor, and overhead intended as targets for performance evaluation.

Kilos

A unit of measure equivalent to 1000 grams or approximately 2.20462 pounds, often used for measuring weight.

Raw Material

Raw material refers to the basic, untreated resources that are used in the manufacturing process to produce finished goods.

Raw Materials Inventory

The total cost of all raw materials that are yet to be used in production.