Under a process costing system,costs of completed products are transferred to the Finished Goods Inventory at the end of the accounting period.

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Under a process costing system, costs of completed products are accumulated and transferred to the Finished Goods Inventory account at the end of the accounting period. This is done to determine the cost of goods sold and the value of inventory remaining on hand. In this way, the cost of production is assigned to the units that have been completed and are ready for sale or use.

Under a Process Costing System,costs of Completed Products Are Transferred