7. The 'Cost of Goods Manufactured' represents: a. the amount of product cost charged to Work in Process Inventory during the period the cost of goods completed and transferred from Work in Process Inventory to Finished Goods Inventory during the period c. the amount of product costs added to jobs during the period d. the cost of goods transferred from Finished Goods Inventory to Cost of Goods Sold during the period 8. Which account would be credited when materials are issued for use in production? a. Work in Process Inventory Raw Materials Inventory b. Finished Goods Inventory d. Manufacturing Overhead 9. During the month of July at Jones Co., goods costing $140,000 were sold on account at 50% more than cost. Which of the following entries or sets of entries would be recorded? a. debit Cost of Goods Sold for $140,000, debit Net Income for $70,000, and credit Sales for $210,000 debit Cost of Goods Sold for $140,000 and credit Finished Goods Inventory for $140,000 AND debit Accounts Receivable for $210,000 and credit Sales for $210,000 c. debit Accounts Receivable for $210,000 and credit Sales for $210,000 d. debit Cost of Goods Sold for $140,000 and credit Work in Process Inventory for $140,000 AND debit Accounts Receivable for $210,000 and credit Sales for $210,000