Quiz 26: Accounting for Manufacturing Activities
Raw Materials and Work in Process Are Costs Incurred While
Raw materials and work in process are costs incurred while manufacturing a product and are considered period expenses and thus appear on the income statement.
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The beginning inventory of raw materials is shown in the Income Statement Credit column and the Balance Sheet Debit column of a worksheet for a manufacturing business.
The adjusting entry to close out the beginning work in process inventory includes a debit to Income Summary and a credit to Work in Process Inventory.
The Cost of Goods Manufactured represents the cost of completed units that are transferred into Finished Goods and made available for sale.
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