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Click the Exhibit button. Referring to the exhibit, which two statements are true? (Choose two.)
Purchase of Raw Materials
The acquisition of the basic materials required for the production of goods or delivery of services.
Work in Process Inventory
The account that tracks the costs associated with partially completed goods that are still in the process of being manufactured.
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.
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