JAMB - Accounts Principles Of Accounts (2013 - No. 27)
In manufacturing account, the work-in-progress at the end of the year is
deducted from the cost of goods completed during this year
added to the cost of goods completed
stated in the profit and loss account
stated in the prime cost section
Explanation
Work in progress for the year is gotten by = WIP beginning balance + manufacturing costs - the cost of goods completed.
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