Work in Progress (WIP) Accounting Journal Entries

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Identify the following costs included in work-in-process inventory.

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1. Select the correct definition of work-in-process inventory.

2. Identify the different types of inventory a manufacturing company usually has.

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About This Quiz and Worksheet

For this quiz and worksheet combination, you are reviewing work-in-progress (WIP) journal entries as they appear in accounting. Questions focus on the costs included in WIP inventory, along with a required inventory financial statement disclosure

Quiz and Worksheet Goals

You can find the subjects mentioned below in the questions of the quiz:

  • A definition of WIP inventory
  • Different types of inventory in a manufacturing company
  • Transferring the WIP inventory once it is complete
  • Inventory financial statement disclosure

Skills Practiced

  • Information recall - remember what you have learned about costs in WIP inventory
  • Defining key concepts - ensure that you can properly name the different types of inventory in a manufacturing company
  • Knowledge application - use what you know to answer questions about financial statement disclosures

Additional Learning

To learn more, go to the lesson titled Work in Progress (WIP) Accounting Journal Entries. With it, you can review the extra subjects mentioned below:

  • What a bill of material specifies
  • Journal entries
  • Different inventory classifications
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