B122A Exam 1

Finished goods and Sales

the accounts credited when goods are sold on account

finished goods and Sales

the accounts credited when goods are sold on account

requisitioned

the act of requiring

ending work in process inventory

the cost of jobs still unfinished at the end of a period

cost of goods manufactured

amount transferred from Work in Process to Finished Goods

unadjusted cost of goods sold is calculated by subtracting:

ending finished goods inventory from the sum of beginning finished goods inventory and cost of goods manufactured.

cost of goods manufactured

includes manufacturing costs of goods finished during the period

depreciation on office equipment

journal entry that debits Depreciation expense and credits Accumulated depreciation

direct and indirect labor costs

journal entry that debits Work in Process and Manufacturing overhead and credits Salaries and Wages Payable

salaries and wages payable

journal entry to record labor costs credits

raw materials

journal entry to record the purchase of materials debits