As individual jobs are completed,work-in-process inventory becomes another balance sheet asset,finished goods inventory.

Question

Quizplus · Accepted Answer

Work-in-process inventory represents the cost of unfinished goods that are still being produced, while finished goods inventory represents the cost of completed goods that are ready for sale. Therefore, as jobs are completed, work-in-process inventory is transferred to finished goods inventory on the balance sheet.

As Individual Jobs Are Completed,work-In-Process Inventory Becomes Another Balance Sheet