Cost of goods sold journal entry
[DOC File]CHAPTER 13: INTRODUCTION TO PRODUCT COSTING
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When goods are completed by a manufacturer, the journal entry is a debit to. a. Cost of Goods Sold and a credit to Work in Process. b. Finish Goods and a credit to Cost of Goods Sold. c. Work in Process and a credit to Cost of Goods Sold. d. Finished Goods and a credit to Work in Process. e. Work in Process and a credit to Finished Goods
[DOC File]Solutions for Homework ** Accounting 311 Cost ** Winter 2009
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One inventory cost flow assumption is used primarily for tax reasons – which one? Does the actual physical flow of inventory have to be the same as the cost flow assumption used by the firm? Explain why or why not. Explain how to determine cost of goods sold using . The different inventory systems . The different cost flow assumptions
[DOC File]JOB ORDER COST
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Cost of Goods Sold is calculated using the following equation: ... Journal Entry coversheet or journal number from entry to adjust inventory value in PeopleSoft. Summary (or Total Summary) form, with a calculated net value of Merchandise inventory.
[DOC File]'Double-Entry' Journal
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How is cost of goods sold determined under the LIFO cost flow assumption? Work: 19- 38. How is a decline in market value of inventory handled (FIFO cost flow assumption)? What happens if the market price recovers in a subsequent period? What is meant by "seasonality"? How can this affect the interim financial statements? How should it be handled?
[DOC File]The University of Houston
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Cost of goods sold. Joint costs. Separable costs. Total cost of goods sold. Gross margin $2,700. 270 175 445 $2,255 $750. 90 105 195 $555 $1,040. 1,440 210 1,650 $ (610) $4,490. 1,800 490 2,290 $2,200 (b) NRV Method. Crude Oil NGL Gas Total Revenues. Cost of goods sold. Joint costs. Separable costs. Total cost of goods sold
[DOC File]1 - Drexel University
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CDE Company made the following journal entry. Finished Goods Inventory $250,000. Work in Process Inventory $250,000. From this entry we can tell that CDE uses. a. job-order costing. b. process costing. ... Cost of Goods Sold and inventory accounts have debit balances. F 6. Variance accounts have only credit balances.
[DOC File]1 - UW Staff Web Server
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One entry records the cost of goods sold, and the other reduces the balance in the Inventory account. One entry updates the general ledger, and the other updates the subsidiary ledgers. Chicago Pizza reports net sales of $1,000,000, gross profit of $550,000, and net income of $80,000. The company’s cost of goods sold is: A. $370,000. B. $450,000.
Cost of Goods Sold Journal Entry (COGS) | Overview with Examples
Cost of Goods Sold 680,000. Required: a. Prepare a journal entry to write off the difference between allocated and actual overhead directly to Cost of Goods Sold. Be sure your journal entry closes the related overhead accounts. b. Prepare a journal entry that prorates the write-off of the difference between allocated and actual overhead using ...
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