Inventory accounts in which product costs flow through in a job-order costing system:
- Finished goods.
- Work in process.
- Raw materials.
What are Inventory accounts?
- Inventory accounting is the branch of accounting concerned with the valuation and recording of changes in inventoried assets.
- The inventory of a business typically includes goods in three stages of production: raw goods, in-process goods, and finished goods that are ready for sale.
- Inventory refers to all of the items, goods, merchandise, and materials held by a company for the purpose of reselling in the market for profit.
- For instance, if a newspaper vendor uses a vehicle to deliver newspapers to customers, only the newspaper is considered inventory.
- There are three types of inventory: raw materials inventory finished goods inventory and finished goods inventory, inventory of work-in-process inventory of finished goods.
Inventory accounts in a job-order costing system through these product costs flow:
- Finished products
- Work is in progress.
- The raw materials.
Therefore, inventory accounts in which product costs flow through in a job-order costing system:
- Finished goods.
- Work in process.
- Raw materials.
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