Peter Senen operates in a JIT manufacturing system. For August, Peter Senen purchased 10,000 units of raw materials at P1.00 per unit on account. The journal entry to record the transaction using the three triggers points is: c. No Entry b. Debit COGS 10,000 Credit Accounts Payable 10,000 a. Debit RIP Inventory P10,000 Credit Accounts Payable P10,000 d. Debit Raw Material Inventory 10,000 Credit Accounts Payable 10,000 The journal entry to record the transaction using the traditional costing is: d. Debit Raw Materials Inventory 10,000 Credit Accounts Payable 10,000 b. Debit COGS 10,000 Credit Accounts Payable 10,000 c. No Entry a. Debit RIP Inventory P10,000 Credit Accounts Payable P10,000

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.