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Foxmoor Company applies manufacturing overhead by using a predetermined rate of 55% of direct labor cost. The data that follow pertain to job no. 764:
Foxmoor Company applies manufacturing overhead by using a predetermined rate of 55% of direct labor cost. The data that follow pertain to job no. 764: Direct material cost $125,000, Direct labor cost $155,000. If Foxmoor adds a 40% markup on total cost to generate a profit, which of the following choices depicts a portion of the accounting needed to record the sale of job no. 764?
A/B are debit COGS by 2 diff amounts
C/D are debit finished-goods inventory by 2 diff amounts
E is to debit sales revenue
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