Multiple Choice Question Which inventory account includes the cost of components that will become part of the finished product but have not yet been used in production.

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Chauncy314 Chauncy314

18-02-2022
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Multiple Choice Question Which inventory account includes the cost of components that will become part of the finished product but have not yet been used in production.

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Tundexi Tundexi · Answer 1 · 2022-03-01T12:40:31+01:00

The WIP inventory account is the account that includes cost of components that will become part of the finished product but have not yet been used in production.

What is a WIP inventory account?

In accounting, a WIP incorporates a raw materials, labor and overhead costs that are incurred for products that are at various stages of the production process.

This component is a part of inventory asset account on the balance sheet.

In conclusion, the WIP inventory account is the account that includes cost of components that will become part of the finished product but have not yet been used in production.