Question
13. One of the journal entries to record when a job is sold would include a: a. debit to Work in Process Inventory b. debit
13. One of the journal entries to record when a job is sold would include a:
a. debit to Work in Process Inventory | ||
b. debit to Cost of Goods Sold | ||
c. debit to Raw Materials Inventory | ||
d. debit to Finished Goods Inventory
A company should use job-order costing, rather than process costing, when: | ||
a. its products consist of mass-produced identical units. | ||
b. it wants to track costs in each department the product flows through. | ||
c. it has ending work in process. | ||
d. its products are custom produced to customer's specifications.
Companies that use job-order costing maintain a separate WIP account for each of the processes the product flows through. True or False?
|
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