Chelm Music Corporation manufactures violins, violas, cellos, and fiddles and uses a job-order costing system. What is one of the accounts that Chelm should credit when goods are sold?

Question

Quizplus · Accepted Answer

When goods are sold, the Finished Goods account is credited to decrease the inventory, reflecting the transfer of goods from inventory to cost of goods sold.

Chelm Music Corporation Manufactures Violins, Violas, Cellos, and Fiddles and Uses