question archive Cost of goods sold is obtained from: a) the Raw Materials Inventory control account
Cost of goods sold is obtained from: a) the Raw Materials Inventory control account
Subject:BusinessPrice:2.88 Bought3
Cost of goods sold is obtained from:
a) the Raw Materials Inventory control account.
b) analysis of all the control accounts in the cost system.
c) the finished goods inventory records.
d) the work in process inventory records.
Purchase A New Answer
Custom new solution created by our subject matter experts
GET A QUOTE
Answer Preview
Answer: b) analysis of all the control accounts in the cost system.
In computing for the cost of goods sold, all inventory accounts such as the raw materials, work in process and finished goods should be considered. All beginning inventories of the three (3) inventory accounts should be added while all ending inventories should be deducted. If the finished goods will not be considered, only cost of goods manafactured will be computed.
