The balance in the Work in Process account equals
A)the balance in the Finished Goods Stock account.
B)the balance in the Cost of Goods Sold account.
C)the balances on the job cost sheets of uncompleted jobs.
D)the balance in the Manufacturing Overhead account.

Question

Quizplus · Accepted Answer

The balance in the Work in Process account represents the cost of all partially completed jobs. Therefore, it should reflect the total costs of all unfinished goods, which can be found on the job cost sheets of uncompleted jobs. The balances in the Finished Goods Stock account and the Cost of Goods Sold account are not directly related to the Work in Process account. The Manufacturing Overhead account is only a part of the total cost of a job and is not solely responsible for the balance in the Work in Process account.

The Balance in the Work in Process Account Equals