The cost of goods not yet sold is recorded in the __ account, whereas the cost of goods that are sold to customers is recorded in _.

Question

05-07-2022
Business

Answered

Find the best answers to your questions at Westonci.ca, where experts and enthusiasts provide accurate, reliable information. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform. Experience the convenience of finding accurate answers to your questions from knowledgeable experts on our platform.

The cost of goods not yet sold is recorded in the __ account, whereas the cost of goods that are sold to customers is recorded in _.

Sagot :

Thanks for stopping by. We are committed to providing the best answers for all your questions. See you again soon. We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.

Simone has 5 employees in her flower shop. Each employee works 6 4/15 per day. How many hours, in total, do the 5 employees work per day?

Which statement accurately describes the actions of Muslims during the Crusades? (1) Most Muslims converted to Christianity. (2) Muslims attacked and

if f(1)=3 and f(n)=-2f(n-1), then f(5)=

What did President Lincoln risk if he chose not to resupply Fort Sumter?

Among the legislative acts passed during Franklin Roosevelt’s first term as president, which one gave relief to artists, actors, and writers? A. Tennessee Valle

Why was it critical for the florentine florin to be accepted and trusted as a major international currency

Which person developed new economic ideas based on governments borrowing and spending more money during an economic crisis?

In the early 193os, millions of Ukrainians died as a result of (1) the intifada (3) a forced famine (2) glasnost (4) trench wa

Peter the Great is to Russia as Emperor Meiji is to (1) Mongolia (3) India (2) Japan (4) Korea

Which of the following is not a clause found within the Petition of Rights? a. the King could not impose taxes without Parliament’s consent. c. the King could n

shubhamsinha3013 shubhamsinha3013 · Answer 1 · 2022-07-13T12:51:27-04:00

The answer is inventory account and Cost of goods sold account(COGS) respective to the order of the blanks.

Goods not yet sold means the stock we still have in our inventory. Therefore, the costs related to them will be shown in the inventory account as an asset. As we can recover the cost by selling the goods.

On the other hand, goods sold are included in the sales. Therefore, the costs related to these goods which are sold should be written off and adjusted with the sales account by recording them in the Cost of goods sold (COGS) account

Hence, The cost of goods not yet sold is recorded in the Inventory account, whereas the cost of goods that are sold to customers is recorded in the Cost of goods sold account.

Learn more about Cost of goods sold:

https://brainly.com/question/5829019

#SPJ4

Sagot :

Other Questions