Haupt Incorporated manufacturers water pumps. Each pump requires $160 of raw materials and $320 of conversion costs. Each pump is sold for $735. Last month Haupt produced and sold 70 pumps. The journal entry to record cost of goods sold would include:

• Debit to accounts receivable of $33,600.

• Credit to sales of $33,600.

• Debit to cost of goods sold of $33,600.

• Credit to cost of goods sold of $51,450.

• Debit to sales of $51,450.