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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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The ending balance of which of the following accounts is calculated by summing the totals of the open (unfinished) job-order cost sheets?

  1. a. Raw Materials
  2. b. Overhead Control
  3. c. Work in Process
  4. d. Finished Goods
  5. e. Cost of Goods Sold

To determine

Identify the account whose ending balance is computed by adding the total of unfinished job order cost sheets.

Explanation

Work-in-Progress:

The unfinished products which need to be transformed into finished products at the end of a period are known as work-in-progress. The ending balance of work-in-progress account is calculated by summing the totals of the open job-order cost sheets.

c.

The summation of all the open job-order cost sheets is equal to the closing balance of work-in-progress. Therefore, option c is the correct answer.

a.

The closing balance of raw material is calculated by subtracting cost of goods sold from the summation of opening balance of raw material and purchases of raw material...

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