In Process Costing, Which Account Will the Cost of Finished

question 38

Multiple Choice

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

• A) Sales
• B) Expenses
• C) Cost of Goods Sold
• D) Finished Goods Inventory

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Definitions:

Governance

The framework of rules, practices, and processes by which a firm is directed and controlled.

Penalty

A punishment imposed for breaking a law, rule, or contract.

Zoning Regulations

Local government laws that dictate how property in specific geographic zones can be used, affecting land use, building sizes, and the type of buildings allowed.

Non-Conforming Use Permit

A zoning variance allowing property to be used in a way that does not comply with the current zoning ordinances.