Goods that have been started in the manufacturing process but are not yet complete are included in the ________.
A) Finished Goods Inventory account
B) Work-in-Process Inventory account
C) Raw Materials Inventory account
D) Cost of Goods Sold account

Question

Quizplus · Accepted Answer

Goods that have been started in the manufacturing process but are not yet complete are included in the Work-in-Process Inventory account. This account represents the cost of materials, labor, and overhead applied to partially completed products that are still in the production process. Finished Goods Inventory account represents completed products ready for sale, Raw Materials Inventory account represents materials that have not yet been used in production, and Cost of Goods Sold account represents the cost of goods that have already been sold.

Goods That Have Been Started in the Manufacturing Process but Are