Questions & Answers
Journal entries – finished goods
Question When you produce finished goods from raw materials, labour and other items, what are the journal entries to reflect that? For example, in the lecture #5 Solved Examples in Inventories section, you calculated the cost of one unit of finished product as follows: Item…
Testing goods: inventories, expense or PPE?
Question I work with an antivirus software company in the cybersecurity industry. 95% of our sales are software but we also sell some hardware products. For the hardware products, we use some units as “proof of concept” stock; our Sales Engineers ship to our customers…