The cost of goods that were finished and transferred out of work-in-process during the current period is:
A)Cost of goods sold.
B)Cost of goods available for use.
C)Cost of goods manufactured.
D)Cost of goods available for sale.
E)Cost of goods purchased.

Question

Quizplus · Accepted Answer

The cost of goods that were finished and transferred out of work-in-process during the current period is known as the cost of goods manufactured. It includes direct materials, direct labor, and manufacturing overhead costs incurred during the production process.

The Cost of Goods That Were Finished and Transferred Out