What journal entry should be made when a job is completed and all costs have been accumulated on a job cost sheet?

Question

Quizplus · Accepted Answer

When a job is completed and all costs have been accumulated on a job cost sheet, the journal entry to be made is a debit to Finished Goods Inventory and a credit to Work in Process Inventory. This is because the costs that were previously accumulated in Work in Process Inventory are now transferred to Finished Goods Inventory, as the job is now complete and ready to be sold.

What Journal Entry Should Be Made When a Job Is