Bluebird Manufacturing makes carrying cases for portable electronic devices. Its costing records yield the following information:
|Job No.||Date||Total Cost of Job at October 31||Total Manufacturing Costs Added in November|
Prepare the journal entries to record the transfer of completed units from Work in process to Finished goods for November.
Finished Goods Inventory:
Finished goods inventory is the products that have completed the production process and are ready to be sold. Finished goods inventory forms part of the short-term assets on the balance sheet. It includes all the costs such as direct material, direct labor, and overhead cost.
Answer and Explanation: 1
|Date||Particulars||Debit ($)||Credit ($)|
|November||Finished goods inventory A/c (Job 3 + Job...|
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fromChapter 2 / Lesson 9
Learn the definition of finished goods inventory and understand how it is calculated. Discover the finished goods inventory formula and see how it is used.