Match each of the following terms with their correct description from the items listed below.
-The cost of units finished but NOT sold at the end of the current period
A)Work-in-Process Inventory
B)Finished Goods Inventory
C)Cost of Goods Sold
D)Cost of Goods Manufactured
E)Total Manufacturing Costs

Question

Quizplus · Accepted Answer

Finished Goods Inventory represents the cost of units finished but not sold at the end of the current period.

A) Work-in-Process Inventory represents the cost of partially completed units that are still in the production process.
C) Cost of Goods Sold represents the cost of the units that were sold during the current period.
D) Cost of Goods Manufactured represents the total cost of units that were completed during the current period, including both those sold and those finished but not sold.
E) Total Manufacturing Costs represents the sum of all the costs incurred in the production process, including direct materials, direct labor, and manufacturing overhead.

Match Each of the Following Terms with Their Correct Description