Under a standard costing system:
A) Standard costs are entered into the work in process and finished goods inventory account.
B) Actual costs are entered into work in process inventory account while standard costs are entered into the finished goods account.
C) The raw material inventory account is based on standard quantities and standard cost.
D) Actual costs are entered into raw material and work in process inventory account.

Question

Quizplus · Accepted Answer

Under a standard costing system, standard costs are used for recording inventory and cost of goods sold, meaning they are entered into the work in process and finished goods inventory accounts.

Under a Standard Costing System