In Both Job and Process Costing, the Journal Entry to Record

question 49

Multiple Choice

In both job and process costing, the journal entry to record cost of goods sold is.

• A) debit finished goods inventory and credit cost of goods sold.
• B) debit finished goods inventory and credit work in process.
• C) debit cost of goods sold and credit work in process.
• D) debit cost of goods sold and credit finished goods inventory.

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Definitions:

Helicopter

A helicopter is an aircraft that is lifted and propelled by one or more horizontal rotors, capable of vertical takeoff, landing, and hovering in place.

Breach Of Contract

Not meeting any obligation of a contract, either in writing or spoken, without a justifiable legal justification.

Legal Action

A process of taking a dispute to a law court to obtain a legal judgment.

Tender

The act of performing a contract or the offer of payment of money due under a contract.