Which of the following does not properly describe how to record standard costs in the accounts?
A) Work in process is debited for the standard cost and standard quantity of the actual production.
B) Finished goods are reported on the balance sheet at standard cost.
C) Cost of goods sold is reported on the income statement at actual cost rather than standard cost.
D) Materials inventory is reported on the balance sheet at actual cost.

Question

Quizplus · Accepted Answer

The Answer of Which of the following does not properly describe how to record standard costs in the accounts?
A) Work in process is debited for the standard cost and standard quantity of the actual production.
B) Finished goods are reported on the balance sheet at standard cost.
C) Cost of goods sold is reported on the income statement at actual cost rather than standard cost.
D) Materials inventory is reported on the balance sheet at actual cost.

Which of the Following Does Not Properly Describe How to Record