Of the following accounts used in a job-order costing system,which is an expense account?
A) Raw Material Inventory.
B) Work in Process.
C) Cost of Goods Sold.
D) Finished Goods.

Question

Quizplus · Accepted Answer

Cost of Goods Sold is an expense account that shows the cost of producing goods that were sold during a particular period. Raw Material Inventory, Work in Process, and Finished Goods are all inventory accounts that show the cost of materials, labor, and overhead used to produce products, but they are not expense accounts.

Of the Following Accounts Used in a Job-Order Costing System,which