Flow of Product Costs through Accounts The following T acrounts nresent a cost flow in which all or part of typical manufacturing transactions are indicated by parenthetical letters on the debit or credit side of each account. credit entries. a. Purchase of materials b. Assignment of direct and indirect labor costs c. Purchase of materials d. Assignment of direct and indirect labor costs \begin{tabular}{|c|c|c|c|} \hline Description & & Debit & Credit \\ \hline \multicolumn{4}{|l|}{ Work in process inventory } \\ \hline Manufacturing overhead & ^ & & \\ \hline Wages payable & ^ & & \\ \hline \end{tabular} g. Finished goods sold \begin{tabular}{|ll|l|} \hline Description & \multicolumn{3}{|c|}{ Debit Credit } \\ \hline & x & \\ \hline & x & \\ \hline \end{tabular} \begin{tabular}{|l|l|l|l|} \hline \multicolumn{1}{|c|}{ Description } & & Debit Credit \\ \hline Cost of goods sold & & & \\ \hline Finished goods inventory & & & \\ \hline To transfer cost to expense. & & & \\ \hline Accounts receivable & & & \\ \hline Sales & & & \\ \hline To record sale of goods. & & & \\ \hline \end{tabular}