Morgan Manufacturing recently sold goods that cost $39,500 for $54,000 cash. The journal entries to record this transaction would include:

Multiple Choice

• a credit to Work-in-Process Inventory for $39,500.

• a debit to Sales Revenue for $54,000.

• a credit to Profit on Sale for $14,500.

• a debit to Finished-Goods Inventory for $39,500.

• a credit to Sales Revenue for $54,000.