FUNDAMENTAL ACCT.PRIN.-CONNECT ACCESS
FUNDAMENTAL ACCT.PRIN.-CONNECT ACCESS
24th Edition
ISBN: 9781265497613
Author: Wild
Publisher: MCG
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Chapter D, Problem 5QS
To determine

Concept Introduction:

  • The Lean Accounting:

    The Lean Accounting implies the numerical and the mathematical parts of the inventory and manufacturer indirect costs in the decision making for the proper control and measurements of financial aspects in the business.

  • Journal Entry:

    The Journal Entry is the systematic records of the happenings of transaction in the Business.

  • Cost of goods sold:

    The Cost of goods sold measures the production of goods or services produced and had been sold in accordance to its capacity.

The formula is,

  Cost of goods sold= Beginning Inventory + Purchases during the period – Ending Inventory

Cost of goods sold= Beginning Inventory + Purchases during the period – Ending Inventory

To pass the Journal Entry

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