Inventory for a manufacturing company includes raw materials, work in process, and finished goods. Inventory for...
Inventory for a manufacturing company includes raw materials, work in process, and finished goods. Inventory for a merchandising company includes goods primarily in finished form ready for sale. In a perpetual inventory system, inventory is continually adjusted for each change in inventory. Cost of goods sold is adjusted each time goods are sold or returned by a customer. A periodic inventory system adjusts inventory and records cost of goods sold only at the end of a reporting period.
Knowledge
Check 01
Barrington Company began the year with inventory of $100,000.
During the year, the company purchased inventory in the amount of
$750,000. Sales revenue for the year totaled $800,000. A physical
count determined the cost of inventory at the end of the year to be
$90,000. The adjusting entry needed at the end of the year under a
periodic inventory system includes a:
Multiple Choice
-
Debit to Cost of Goods Sold for $760,000.
-
Debit to Cost of Goods Sold for $850,000.
-
Debit to Purchases for $750,000.
-
Credit to Cost of Goods Sold for $760,000
-
Credit to Cost of Goods Sold for $850,000
Homework Answers
Ans:
Debit to Cost of Goods Sold for $760,000. is Correct
Answer
Explanation:
| General Journal | Debit | Credit |
| Cost of goods sold | $ 760,000.00 | |
| Inventory (Closing) | $ 90,000.00 | |
| Inventory (Beg) | $ 100,000.00 | |
| Purchases | $ 750,000.00 |
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Inventory for a manufacturing company includes raw materials,
work in process, and finished goods. Inventory for...
Inventory for a manufacturing company includes raw materials, work in process, and finished goods. Inventory for...
Inventory for a manufacturing company includes raw materials, work in process, and finished goods. Inventory for a merchandising company includes goods primarily in finished form ready for sale. In a perpetual inventory system, inventory is continually adjusted for each change in inventory. Cost of goods sold is adjusted each time goods are sold or returned by a customer. A periodic inventory system adjusts inventory and records cost of goods sold only at the end of a reporting period. Knowledge Check...
What is the manufacturing overhead Cash Raw materials inventory Work in process inventory Finished goods inventory...
What is the manufacturing overhead
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