Match the following cost flows with the proper event in a job-costing firm:
-costs of product are removed from finished goods and added to cost of goods sold
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

When a product is sold, the costs associated with it are removed from finished goods and added to cost of goods sold.

Answer: B and E
 At the end of each accounting period and the end of the year, the costs of unfinished jobs are transferred from work in progress to finished goods inventory or cost of goods sold, depending on their completion status.

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