The Work-in-Process Inventory account includes the ________.
A) goods that are ready to be sold
B) goods that are partially completed
C) goods that have been sold in the market
D) goods that are damaged during production

Question

Quizplus · Accepted Answer

The Work-in-Process Inventory account includes goods that are partially completed, meaning products that are still in the production process and have not yet been finished or ready to be sold. Option A (goods that are ready to be sold) is usually recorded under the Finished Goods Inventory account, while option C (goods that have been sold in the market) is recorded under the Cost of Goods Sold account. Option D (goods that are damaged during production) may or may not be included in the Work-in-Process Inventory depending on the accounting method used.

The Work-In-Process Inventory Account Includes the ________