When products are completed,
A: Finished Goods Inventory is credited.
B: Work in Process Inventory is credited.
C: Cost of Goods Sold is debited.
D: Work in Process Inventory is debited.
A: Finished Goods Inventory is credited.
B: Work in Process Inventory is credited.
C: Cost of Goods Sold is debited.
D: Work in Process Inventory is debited.
举一反三
- Whenever direct material, direct labor, and manufacturing overhead are recorded on a job cost record, an associated journal entry is made to debit which of the following accounts? （ ） A: Sales Revenue B: Finished Goods Inventory C: Cost of Goods Sold D: Work in Process Inventory
- ___________ is the average number of times the inventory is sold per year. A: a. Inventory storage B: b. Cost of goods sold C: c. Cost of goods available for sale D: d. Inventory turnover
- Inventory turnover can be<br/>calculated by: () A: adding beginning and ending<br/>inventory; divide by two B: dividing the cost of goods<br/>sold by average inventory C: dividing average inventory<br/>by the cost of goods sold D: multiplying average<br/>inventory by 1.5
- The difference between Cost of Goods Sold and Cost of Goods Available for Sale is: A: Beginning Inventory B: Ending Inventory C: Net Sales D: Net Purchases
- Budgeted purchases =beginning inventory + cost of goods sold – desired ending inventory.