Homework Answers
Finished goods account is debited with cost of goods manufactured transferred from work in process.
Thus entry (15) in the finished goods account represents the cost of goods manufactured transferred to finished goods from work in process. Entry (16) in the finished goods account represents the cost of goods sold.
Thus, given statement that entry (16) in the finished goods account represents the cost of goods manufactured transferred to finished goods from work in process, is False.
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