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The total manufacturing costs on job cost sheets for unfinished jobs equals the total amount in...

The total manufacturing costs on job cost sheets for unfinished jobs equals the total amount in the Work in Process Inventory account in the general ledger. (T/F)

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Answer #1

Answer:

Correct answer is:

True

Explanation:

Direct material issued, Direct labor used and overhead applied for processing jobs are debited to Work in process account. When jobs are completed, the same are transferred to Finished Goods debiting finished goods inventory and crediting work in process inventory. The balance in work in process account represents cost of 'in process' jobs or cost of unfinished jobs. Hence the statement is true.

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