The entry to record selling a product that cost $22,000 would be a credit to Finished Goods Inventory $22,000, and a debit to Cost of Goods Sold $22,000.

Question

Quizplus · Accepted Answer

When a product is sold, the cost of the product is transferred from Finished Goods Inventory to Cost of Goods Sold, requiring a credit to Finished Goods Inventory and a debit to Cost of Goods Sold.

The Entry to Record Selling a Product That Cost $22,000