Cost of goods sold entry accounting
Cost of Goods Sold Journal Entry (COGS) | Overview with Examples
When the goods are sold, no entry is made to the purchases account or to an inventory account. Only the revenue from the sale is recorded (ex. Dr: Accounts Receivable and Cr: Sales). At the end of the accounting period, the cost of goods sold for the period is calculated as Beginning inventory + Purchases during the period - Ending inventory.
[DOC File]gar003, Chapter 3 Systems Design: Job-Order Costing
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Inventories with a “reduction” to the ending balance require an accounting entry recorded in the opposite direction; debiting “Cost of Goods Sold” (50010) and crediting Merchandise Inventory (account 141XX). Description Cost Center Combination Debit Credit. Adj Inv EOY Bal 00730-2XXX-H0XXX-AXXXX-50010 $ …
[DOC File]Principles of Accounting
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Cost Accounting: determine the cost of producing a product or providing a service and to show ways of controlling these costs. Cost of Goods Sold: new material, direct labor, and supplies used in production, generally does not include overhead expenses. Credit: An accounting entry that increases liabilities and revenues and decreases assets and ...
[DOC File]CHAPTER 13: INTRODUCTION TO PRODUCT COSTING
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A. To obtain evidence regarding the quantities of good described as work-in-process. B. To obtain evidence about the valuation of work-in-process, finished goods, and cost of goods sold. C. To obtain evidence about the profit margin on specific jobs. D. To obtain evidence about compliance with Cost Accounting Standards. 36.
[DOC File]Account: The representation of assets, expenses ...
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Level: Easy LO: 8 Ans: If overhead is overapplied, too much overhead has been applied to inventories and they are therefore overcosted. Since these excess costs flow through to Cost of Goods Sold when finished goods are sold, it is necessary to reduce Cost of Goods Sold in order to eliminate this overstatement of costs. 149.
[DOC File]Chapter 12 Inventories and Cost of Goods Sold
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Cost of Goods Sold Merchandise Inventory B. Periodic Inventory—since this method does not keep up with merchandise inventory on a perpetual basis, this entry does not affect the Merchandise Inventory account and only one entry is required. The sale of the merchandise is recorded for the sales value of …
[DOCX File]Issue - U.S. Department of Defense
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c. current period cost plus cost of beginning inventory. d. cost of goods sold. a 18. The numerator of the FIFO unit cost calculation is. a. current period cost. b. cost of beginning inventory. c. current period cost plus cost of beginning inventory. d. cost of goods sold. b …
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