The journal entry to record the completion of the production process for a manufacturing firm includes a debit to Finished Goods Inventory.

Question

Quizplus · Accepted Answer

When a manufacturing firm completes the production process, the cost of the completed goods is transferred from Work in Process Inventory to Finished Goods Inventory, requiring a debit to Finished Goods Inventory to reflect the increase in its value.

The Journal Entry to Record the Completion of the Production