The costs transferred from Work-in-Process Inventory to Finished Goods Inventory are called Cost of Goods Manufactured.

Name: The costs transferred from Work-in-Process Inventory to Finished Goods Inventory are called Cost of Goods Manufactured.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Cost of Goods Manufactured represents the total cost of goods completed during the period and transferred from Work-in-Process Inventory to Finished Goods Inventory. It includes direct materials, direct labor, and manufacturing overhead costs.

The Costs Transferred from Work-In-Process Inventory to Finished Goods Inventory