The ________ account is supported by a file of job-cost records for partially completed jobs.
A)Direct Materials Inventory
B)Finished Goods Inventory
C)Cost of Goods Sold
D)Work-in-process Inventory

Question

Quizplus · Accepted Answer

The work-in-process inventory account is used to track the cost of partially completed jobs, and is supported by a file of job-cost records. This account is used in order to determine the amount of direct materials, direct labor, and factory overhead associated with each job still in progress, which is necessary in order to calculate the total cost of goods sold once the jobs are completed. The other accounts listed (Direct Materials Inventory, Finished Goods Inventory, and Cost of Goods Sold) are not specifically related to partially completed jobs and do not involve the use of job-cost records.

The ________ Account Is Supported by a File of Job-Cost