Which term is used for the cost of the partially completed goods at the end of the period?
A) the cost of goods manufactured
B) the ending finished goods inventory
C) the ending work-in-process inventory
D) the beginning work-in-process inventory

Question

Quizplus · Accepted Answer

The cost of the partially completed goods at the end of the period is called the ending work-in-process inventory. This includes the cost of raw materials, direct labor, and overhead incurred to produce the partially completed goods that are still in the production process. Option A is the cost of goods manufactured, which includes the cost of goods completed during the period. Option B is the cost of finished goods that are ready for sale at the end of the period. Option D is the beginning work-in-process inventory, which is the cost of partially completed goods from the previous period that are still in production at the start of the current period.

Which Term Is Used for the Cost of the Partially