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.
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