Asked by Lavkush Tamrakar on Jun 20, 2024
Verified
The journal entry to record the unadjusted Cost of Goods Sold is:
A)
B)
C)
D)
Unadjusted Cost of Goods Sold
Unadjusted Cost of Goods Sold (COGS) is the initial calculation of all costs directly associated with the production of goods before any adjustments for inventory changes or other factors.
Journal Entry
A record in the accounting journal that represents a business transaction and its effect on the accounts.
- Facilitate the preparation of financial records for the manufacturing cycle, from the purchase of raw materials to transferring finished merchandise.
- Calculate and explain underapplied or overapplied manufacturing overhead and its adjustment.
Verified Answer
TL
THANH Le Hoang PhuongJun 24, 2024
Final Answer :
A
Explanation :
The journal entry to record the unadjusted Cost of Goods Sold is typically a debit to Cost of Goods Sold account and a credit to the Finished Goods Inventory account. Option A is the only one that contains the debit to the Cost of Goods Sold account.
Explanation :
The journal entry to record the unadjusted Cost of Goods Sold is: Reference: CH03-Ref7
Niles Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year: Results of operations:
Niles Corporation is a manufacturer that uses job-order costing.The company has supplied the following data for the just completed year: Results of operations:
Learning Objectives
- Facilitate the preparation of financial records for the manufacturing cycle, from the purchase of raw materials to transferring finished merchandise.
- Calculate and explain underapplied or overapplied manufacturing overhead and its adjustment.
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