Question

When work is completed on a job, costs for the completed job are found in which of the following accounts?

a-Cost of Goods Sold
b-Cost of Goods Manufactured
c-Work in Process Inventory
d-Finished Goods Inventory

Answer 1

When work is completed on a job, costs for the completed job are found in the Finished Goods Inventory account.

Step-by-step explanation:

When work is completed on a job, costs for the completed job are found in the d-Finished Goods Inventory account.

Finished Goods Inventory is the account where costs of completed goods are recorded. This includes the cost of materials, labor, and overhead expenses associated with producing the goods.

For example, if a company manufactures bicycles, when a bicycle is completed and ready for sale, the costs associated with producing that bicycle, such as the cost of the frame, tires, and labor, will be recorded in the Finished Goods Inventory account. When work is completed on a job, costs for the completed job are found in the Finished Goods Inventory account.