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Included in the Vanes Company’s Work in Process t-account is a credit for $250,000. This $250,000...

Included in the Vanes Company’s Work in Process t-account is a credit for $250,000. This $250,000 represents which of the following:

a.

the cost of goods completed and transferred to finished goods.
b.

the cost of goods sold to customers.
c.

raw materials put into production.
d.

the amount of manufacturing overhead applied to production
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Answer #1

Work in process is a process where the direct materials , labor and overhead are transferred to work in process account on the debit side. The balance of work in process account is transferred to finished goods account. The transfer to finished goods account involves a credit entry on the work in process T account

Hence Option A is correct

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