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devildoc devildoc
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What items decrease the following accounts: Raw Materials Inventory, Work in Process Inventory, Finished Goods Inventory, Manufacturing Overhead, and Cost of Goods Sold?
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Managerial Accounting

Managerial Accounting


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iammtziammtz
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Raw Materials Inventory is decreased when direct materials or indirect materials are used in production.
Work in Process Inventory is decreased as the production process is completed and the cost of goods is moved to Finished Goods Inventory.
Finished Goods Inventory is decreased when goods are sold.
Cost of Goods Sold is decreased when the manufacturing overhead account is adjusted due to overapplied inventory.
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