Which of the following statements correctly completes this sentence? 'For a manufacturing firm,when goods are completed and ready for sale …'
A) the firm's total assets are increased.
B) the firm's total assets are decreased.
C) there is no change in the value of the firm's assets.
D) the firm's work in process inventory is increased.

Question

Quizplus · Accepted Answer

When goods are completed and ready for sale, they are transferred from work in process inventory to finished goods inventory, resulting in no change in the total value of the firm's assets.

Which of the Following Statements Correctly Completes This Sentence? 'For