When perpetual inventories are maintained in a job order cost system, as each job is completed its cost is transferred from Work in Process Inventory to Finished Goods Inventory.

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This is true. In a job order cost system with perpetual inventory records, the cost of each completed job is transferred from Work in Process Inventory to Finished Goods Inventory. This allows for accurate tracking of costs and inventory levels at all stages of production.

When Perpetual Inventories Are Maintained in a Job Order Cost