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Unformatted text preview: (To close beginning raw materials and work in process inventories and manufacturing cost accounts) Finished Goods Inventory (Dec. 31) Income Summary (To record ending finished goods inventory and close sales account) Income Summary Finished Goods Inventory (Jan. 1) Manufacturing Summary Selling Expenses Administrative Expenses Income Tax Expense (To close beginning finished goods inventory, manufacturing summary, and expense accounts) Income Summary Retained Earnings (To close net income to retained...
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- Fall '11
- Expense, Generally Accepted Accounting Principles, Supply chain management terms