the balance in the work in process inventory account on april 1 was $26,800, and the balance on april 30 was $22,600. costs incurred during the month were as follows: direct materials, $41,250; direct labor, $21,300; and overhead, $32,600. what amount was transferred to the finished goods inventory account for april?
The sum of $99,350 was moved to the April finished goods inventory account.
What is inventory account?
Accounting for changes in inventoried assets and assigning values to them fall under the category of inventory accounting.
Raw materials, products still in the production process, and finished products that are ready for sale often make up a company's inventory.
All of a company's collected raw materials, work-in-progress, and finished goods are included in the inventory account, which is a current assetaccount on the balance sheet.
Inventory is the term used to describe all the products, materials, goods, and merchandise that a company has on hand and plans to sell to customers for a profit.
The only item that will be regarded as inventory is the newspaper if the vendor delivers newspapers to customers using a vehicle. The car will be handled like an asset.
