The _____ account is supported by a file of job?cost records for partially completed jobs.
A)WIP Inventory
B)Direct-Materials Inventory
C)Finished-Goods Inventory
D)Cost of Goods Sold

Question

Quizplus · Accepted Answer

The WIP (work in progress) Inventory account is used to account for the cost of partially completed jobs. It is supported by a file of job/cost records, which show the costs incurred for each job as it moves through the production process. The Direct-Materials Inventory account is used to track the cost of raw materials that have been purchased but not yet used in production, while the Finished-Goods Inventory account is used to track the cost of completed goods that have not yet been sold. The Cost of Goods Sold account is used to track the cost of goods that have been sold to customers.

The _____ Account Is Supported by a File of Job?cost