When a manufacturing company finishes production and transfers items from work-in-process to finished goods inventory,...
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Accounting
When a manufacturing company finishes production and transfers items from work-in-process to finished goods inventory, what is the effect on the financial statements?
A- Increase in total assets, decrease in net income, and no effect on total equity.
B- No effect on total assets, net income or total equity.
C- Increase in total assets and no effect on net income or total equity.
D-Increase in total assets, increase in net income, and increase in total equity.
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