Company C, an automobile manufacturer, sold 2 trucks to a customer for $60,000 on January 5, 2014. Each of the trucks has a manufacturing cost of $20,000. What would be the entry to record the transfer of inventory to the customer?

General Journal           Debit      Credit

Cost of Goods Sold$40,000  

Finished Goods                      $40,000

Explanation:

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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