Question

5. The finished goods account contains the cost of all units
(a) Unfinished at a given point in time
(b) Completed at a given point in time
(c) Produced during a particular period
(d) Produced and sold during a particular period​

Answer 1

Answer:

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Answer 2

The correct answer is OPTION B: Completed at a given point in time

• Finished products are things that have completed the manufacturing process or have been procured for resale and are currently in the hands of the company but have not yet been sold.  
• To put it another way, finished goods are units that are complete and ready to sell and are under the company's control.
• The merchant is the primary owner of these things, which are also known as merchandising.  
• In terms of production, finished goods inventory might be thought of as a one-of-a-kind asset.