The cost in the ending Finished Goods inventory account consists of the direct materials,direct labor,and manufacturing overhead of all jobs still in process at the end of the period.

Question

Quizplus · Accepted Answer

The statement is incorrect. The cost in the ending Finished Goods inventory account only consists of the direct materials, direct labor, and manufacturing overhead of all completed jobs. Jobs that are still in progress are included in the Work-in-Progress inventory account.

The Cost in the Ending Finished Goods Inventory Account Consists