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In manufacturing account, the work-in-progress at the end of the year is

Accounts - Principles of Accounts
JAMB 2013

In manufacturing account, the work-in-progress at the end of the year is

  • A. deducted from the cost of goods completed during this year
  • B. added to the cost of goods completed
  • C. stated in the profit and loss account
  • D. stated in the prime cost section
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Correct Answer: Option A
Explanation

Work in progress for the year is gotten by = WIP beginning balance + manufacturing costs - the cost of goods completed.

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