For each of the following accounts, indicate what event causes the account to increase and to decrease
The answer is not debit or credit.
Account Is increased by: Is decreased by:
Raw Materials Inventory
Work-in-Process Inventory
Finished Goods Inventory
Cost of Goods Sold
What will be an ideal response
Account Is increased by: Is decreased by:
Raw Materials Inventory Materials purchased Materials used
Work-in-Process Inventory Direct materials used
Direct labor incurred
Manufacturing overhead allocated Completion of jobs
Finished Goods Inventory Completion of jobs Shipping of sold units
Cost of Goods Sold Shipping of sold units
Adjusting entry Adjusting entry
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