Question: Journalize the following transactions for Marge’s Sofas. Explanations are not required.
h. Sold inventory on account, $22,000; cost of goods sold, $18,000.
Cost of goods sold
Finished goods inventory
Revenue is explained as the income earned by the company by selling the goods manufactured by the company.
The sale of goods on account is recorded by debiting the accounts receivable account and by crediting the sakes revenue account.
The cost of goods sold is recorded by debiting the cost of goods sold and by crediting the finished goods inventory account.
Comparing actual to allocated overhead
Columbus Enterprises reports the following information at December 31, 2018:
1. What is the actual manufacturing overhead of Columbus Enterprises?
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