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College Accounting
Quiz 26: Accounting for Manufacturing Activities
The Cost of Goods Sold Will Often Differ from the Cost
Question 21
True False
The cost of goods sold will often differ from the cost of goods manufactured because of changes in the level of finished goods.
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Q 22
Immediately before it is closed,the balance of the Manufacturing Summary account represents the cost of goods manufactured.
Q 23
The balance of the Manufacturing Summary account is closed into the Income Summary account.
Q 24
If there are no errors,the amount needed to balance the Cost of Goods Manufactured columns of a worksheet will also be the amount required to balance the Balance Sheet columns.
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