Match the following cost flows with the proper event in a job-costing firm:
-the costs of job are transferred from the work-in-process account to finished goods account
A)completion of job
B)end of each accounting period
C)materials are moved from storage into production
D)product is sold
E)end of year

Question

Quizplus · Accepted Answer

The costs of a job are transferred from the work-in-process account to finished goods account upon the completion of the job.

Answer: D
 The product is sold, and the costs associated with it are transferred from the finished goods account to the cost of goods sold account.

Answers B, C, and E are not applicable to the cost flows mentioned in the question.

Match the Following Cost Flows with the Proper Event in a Job-Costing