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Statement of Book

Forums › FIA Forums › MA2 Managing Costs and Finance Forums › Statement of Book

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by Ken Garrett.
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  • July 29, 2021 at 6:32 am #629733
    maximus07
    Participant
    • Topics: 407
    • Replies: 398
    • ☆☆☆☆

    Total costs of finished goods are transferred from Production department to distribution department (in Finished Goods Control Account).
    What is meant by this? Does it mean to say that good sold are transferred to Distributions with records of costs?

    July 29, 2021 at 9:13 pm #629803
    Ken Garrett
    Keymaster
    • Topics: 10
    • Replies: 10193
    • ☆☆☆☆☆

    Costs are gradually accumulated in the production department as the goods are being made. When the goods are finished they are physically transferred to the distribution department and their associated costs are are moved to finished goods. From there they are sold and inventory moves into cost of sales.

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