The total cost transferred out of work in process inventory into finished goods inventory is: cost of goods manufactured.
This is the term that is used to tell us during the inventory process that the business is taking the stock of the total cost of the goods that they have created during a specific period of time.
This term is used in managerial accounting. Hence we can say that: The total cost transferred out of work in process inventory into finished goods inventory is: cost of goods manufactured.
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