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Assigning Costs to Cost of Goods Sold

Assigning Costs to Cost of Goods Sold - The job cost...

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ASSIGNING COSTS TO COST OF GOODS SOLD Companies recognize cost of goods sold when each sale occurs. To illustrate the entries a company makes when it sells a completed job, assume that on January 31 Wallace Manufacturing sells on account Job 101.
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Unformatted text preview: The job cost $39,000, and it sold for $50,000. Accounts Receivable (To record sale of Job No. 101) Cost of Goods Sold Finished Goods Inventory (To record cost of Job No. 101)...
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