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When an item is sold, finished goods inventory is debited and cost of goods sold is credit

When an item is sold, finished goods inventory is debited and cost of goods sold is credited.

2) In job costing, when indirect materials are requisitioned for a job, the raw materials inventory account is credited.

3) In job costing, when raw materials are requisitioned for a job, the raw materials inventory is credited.

4) The work in process account is debited for the cost of direct labor in a job cost system.

5) Actual manufacturing overhead costs are accumulated as debits to a single general ledger account called manufacturing overhead.

6) The entry to allocate manufacturing overhead costs to work in process requires a debit to work in process.

7) The manufacturing overhead account is credited for actual manufacturing overhead costs incurred in the period.

8) The entry to transfer sold goods includes a credit to finished goods inventory.

9) Finished goods inventory is credited when the product is sold.

10) Cost of goods sold is debited and finished goods inventory is credited for:

A) purchase of goods on account.

B) transfer of goods to the finished goods storeroom.

C) the sale of goods to a customer.

D) transfer of materials into work in process inventory.

Dec 09 2019 View more View Less

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