Where can you find the cost of jobs that have been completed but not yet sold?

The cost of jobs that have been completed but not yet sold is found in the finished goods inventory. When a job is completed, the costs associated with materials, labor, and overhead are transferred from the work in process inventory to finished goods. This inventory account holds all completed products that are ready for sale but have not yet been sold to customers.

Understanding this concept is vital because the finished goods account helps management track not only how much is ready for sale but also contributes to financial statements like the balance sheet, reflecting the company's current assets. This is especially important for assessing inventory levels and managing production scheduling effectively.

In contrast, other inventory categories do not serve this specific purpose: work in process contains costs for unfinished jobs, in transit inventory refers to goods that are being transported but have not yet arrived at the final destination, and deferred revenue represents income received for goods or services that have not yet been delivered or performed. Correctly identifying the finished goods inventory is crucial for effective inventory management and financial reporting.