In job-order costing,the journal entry for a completed job costing $7,000 but NOT sold is:
$\begin{array} { | l | l | l | }
\hline
\text { Finished Goods } & 7,000 \
\text { Work in Process }&& 7,000 \
\hline
\end{array}$

Question

In job-order costing,the journal entry for a completed job costing $7,000 but NOT sold is:
 $\begin{array} { | l | l | l | } 
\hline 
\text { Finished Goods } & 7,000 \
\text { Work in Process }&& 7,000 \
\hline
\end{array}$

Quizplus · Accepted Answer

When a job is completed in a job-order costing system, the cost of the job is transferred from Work in Process to Finished Goods. The debit to Finished Goods increases its balance, reflecting the addition of the completed job's cost, and the credit to Work in Process decreases its balance, reflecting the removal of the job's cost from work in process.

In Job-Order Costing,the Journal Entry for a Completed Job Costing Finished Goods 7,000 Work in Process 7,000\begin{array} { | l | l | l | } \hline \text { Finished Goods } & 7,000 \\\text { Work in Process }&& 7,000 \\\hline\end{array} Finished Goods Work in Process ​7,000​7,000​​

In Job-Order Costing,the Journal Entry for a Completed Job Costing $\begin{array} { | l | l | l | } \hline \text { Finished Goods } & 7,000 \\\text { Work in Process }&& 7,000 \\\hline\end{array}$