The manufacturing summary account is a temporary account used to close out manufacturing costs before transferring the balance to Finished Goods.

Name: The manufacturing summary account is a temporary account used to close out manufacturing costs before transferring the balance to Finished Goods.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The manufacturing summary account is not a temporary account; it is typically used to accumulate manufacturing costs, which are then transferred to the Cost of Goods Sold, not directly to Finished Goods.

The Manufacturing Summary Account Is a Temporary Account Used to Close