Flying High Manufacturing produces frisbees using a threeminusstep process that includes molding, coloring and finishing. Which account is debited when the frisbees are totally completed?

The correct answer is WIP Inventory-Molding.

Explanation:

Modern companies in search of competitiveness are obliged to control their costs permanently and maintain, improve and increase their value generating factors, thereby increasing the attractiveness to their customers and profitability. The control of work in process (WIP) is an activity that, together with others, positively contributes to the achievement of this ideal.

Work in process is a fundamental part of the inventory, which consists of the units that having entered and started the production process, are not yet constituted as finished products. Otherwise, the WIP is made up of those raw materials that have entered the production process but are not yet ready for sale since they are not yet finished product.

Finsished goods inventory is debited.

Explanation:

The production process involves movement of the product through the different stages of manufacturing to the final finished goods.

The raw materials are inputted, then transferred to work in process, finally to finished goods. The finished goods is sold to the consumer.

In this scenario Flying high manufacturing produces frisbees, when the frisbees are completed the following entry is passed

Credit work in process

Debit Finished goods inventory

This indicates bthat the goods have moved from the work in process to finished goods where they are ready for sale.

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