Question

This represents the total value
of finished goods in stock
General ledger Adjustment Account
Stores Ledger control Account
Work in progress
Ledger
Finished goods Control Account​

Answer 1

This represents the total value of finished goods in stock

General ledger

Adjustment Account Stores Ledger control Account

Work in progress Ledger

Finished goods Control Account​

The correct answer is :

Finished goods Control Account​

Explanation :

Finished goods Control Account​ represents the total value of finished goods in stock.

This account is debited with the opening balance of finished goods, the cost of finished goods for the period transferred from the work-in-progress control account, and the amount of administrative overhead recovered. Goods sold are credited from the Finished Goods Control Account to the Cost of Sales Account. The closing balance will show the unsold stock.

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Answer 2

Answer:

Explanation:

There is also a finished product ledger control account

Known as the Stock Ledger  Account. This account is credited with cost of sales by transferring to cost of sales account. The balance of this account represents the value of unsold stock at the end of the period.