In Process Costing,which Account Will the Cost of Finished Goods

question 139

Multiple Choice

In process costing,which account will the cost of finished goods be transferred to when the goods are sold?

• A)cost of goods sold
• B)completed processes
• C)finished goods
• D)sales

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Definitions:

Developing Countries

Nations with a lower living standard, underdeveloped industrial base, and low Human Development Index (HDI) compared to other countries.

Entrepreneurial Skills

Abilities and traits that enable an individual to innovate, start, and successfully manage businesses.

Local Population

pertains to the number of inhabitants residing within a specific area or region, often used in studies and planning at a community or municipal level.

Free-Market Economy

An economic system where prices for goods and services are determined by the open market and by consumers, with minimal government intervention or centralized planning.