The journal entry to transfer the cost of purchases to cost of goods sold includes a debit to cost of goods sold
debit to inventory
debit to purchases
credit to cost of goods sold
This is for accounting not business

Which of the following best explains how trade enables greater specialization among producers? a. trade diversifies the market by bringing specialized goods from around the world. b. trade requires distribution networks and adds one more step to the production process. c. trade enables producers to open up new markets for their goods and services. d. trade allows people to focus on one kind of production and trade for their other needs.