The entry to record selling a product that cost $14,000 would be a credit to Finished Goods Inventory $14,000,and a debit to Cost of Goods Sold $14,000.

Name: The entry to record selling a product that cost $14,000 would be a credit to Finished Goods Inventory $14,000,and a debit to Cost of Goods Sold $14,000.
Brand: Quizplus
Rating: 4.8 (47 reviews)

Question

Quizplus · Accepted Answer

This entry reflects the cost of the product being removed from inventory and expense being recognized. Therefore, it is a credit to Finished Goods Inventory and a debit to Cost of Goods Sold.

The Entry to Record Selling a Product That Cost $14,000