A company's file of job cost sheets jobs not yet completed equals the balance in the Finished Goods Inventory account.

Name: A company's file of job cost sheets jobs not yet completed equals the balance in the Finished Goods Inventory account.
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Question

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The balance in the Finished Goods Inventory account represents the cost of completed jobs that are ready for sale, not jobs that are still in progress. Jobs not yet completed are recorded in the Work in Process Inventory account.

A Company's File of Job Cost Sheets Jobs Not Yet