Cost of Goods Sold Journal Entries

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

If you need to move amounts from any account to another, all you have to do is _____.

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1. If you sold 1,000 products for $9.99 each in March and it costs you $5 each to purchase these items wholesale, what is your Cost of Goods Sold amount for March?

2.

In this journal entry, which account is increasing in funds?

Date Account Debit Credit
5-13-2016 Inventory $210
Accounts Payable $210

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About This Quiz & Worksheet

The questions on this quiz focus on the steps in the process cost flow. They are multiple choice questions about terms and concepts of costing types and your ability to differentiate between them.

Quiz & Worksheet Goals

The quiz asks questions that will test your knowledge of:

  • Process costing versus job order costing
  • Costing system requiring a product to incur costs as it moves between departments
  • Characteristics of process costing
  • Transaction recording of finished goods moving out of inventory

Skills Practiced

You will test such skills as:

  • Reading comprehension - ensure that you draw the most important information from the process cost flow steps lesson
  • Interpreting information - verify that you can review information regarding inventory movement and interpret it correctly
  • Information recall - access the knowledge you've gained regarding Cost of Goods Sold (COGS)

Additional Learning

You can learn more about this topic with the lesson called Steps in the Process Cost Flow. You will become familiar with:

  • Traditional types of manufacturing costing systems
  • The three areas of manufacturing incurred costs
  • Recording the flow of costs
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