V. To record the transfer of ________________ units, debit Finished Goods Invent

Question

V.     To record the transfer of ________________ units, debit Finished Goods Inventory and credit Work in Process Inventory.

VI.    When a company uses a perpetual inventory system, two accounting entries are made when products are sold.

A.     To record the sold product’s ________________, debit Accounts Receivable (or Cash) and credit Sales.  

B.     To record the sold product’s associated ____________, debit Cost of Goods Sold and credit Finished Goods Inventory.

C. Job order costing supports the ____________________ process as summarized in Exhibit 6.

Explanation / Answer

V. Completed

VI. A. Sales revenue

B. Cost of goods sold

C. Allocation

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