Answered step by step
Verified Expert Solution
Question
1 Approved Answer
On June 30, Coral, Inc. finished Job 750 with total job costs of $4, 200, and transferred the costs to Finished Goods Inventory. On July
On June 30, Coral, Inc. finished Job 750 with total job costs of $4, 200, and transferred the costs to Finished Goods Inventory. On July 6, it completed the sale of the goods to a customer for $5, 100 cash. Which of the following is the correct journal entry to record the cost of goods sold? debit Work - in - Process Inventory $4, 200 and credit Cost of Goods Sold $4, 200 debit Finished Goods Inventory S4.200 and credit Cost of Goods Sold $4, 200 debit Cost of Goods Sold $4, 200 and credit Work - in - Process Inventory $4, 200 debit Cost of Goods Sold $4, 200 and credit Finished Goods Inventory $4, 200
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started