Where do Jobs 64 and 65 go in terms of accounting treatment?

Jobs 64 and 65 are likely associated with work in progress (WIP) inventory. In managerial accounting, WIP includes the costs of partially completed goods that are still being manufactured. Hence, when jobs are still in the production stage and have not yet been completed, they are recorded in the WIP inventory account.

Transferring Jobs 64 and 65 to WIP indicates that these jobs have incurred costs related to materials, labor, and overhead but have not yet transitioned to being finished goods. Once they are completed, the costs will then be moved from the WIP account to the finished goods inventory account, and eventually to Cost of Goods Sold when the products are sold. This flow is crucial for accurately tracking inventory costs and understanding the production performance of a manufacturing entity.

The other options relate to different stages or accounts in the accounting cycle. For example, the beginning balance of finished goods would apply to products that are fully completed and ready for sale, while Cost of Goods Sold reflects costs only once the goods have been sold. Finally, transferring to overhead pertains to indirect costs that are allocated to products rather than jobs in progress. Therefore, classifying Jobs 64 and 65 as a beginning balance of WIP is indeed the appropriate treatment