A job cost record is initiated in which account?

A job cost record is initiated in the Work in Progress (WIP) account because this account is specifically designed to track the costs associated with products that are still in production. When a job is started, all direct materials, direct labor, and applied manufacturing overhead costs related to that specific job are accumulated in the WIP account as production progresses.

The WIP account serves as a crucial component of cost accounting as it reflects the current value of goods that are not yet completed but are actively being worked on. This makes it possible for managers to monitor costs associated with specific jobs and helps in the overall management of production costs.

Once the job is completed, the total costs recorded in the WIP account will be transferred to the Finished Goods account, reflecting that the job is now finished and ready for sale. Thus, the initiation of the job cost record and the tracking of those costs begin within the WIP account.