Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

This Question: 2 pts 20 of 55(0 complete)This Test: 150 pts possible On June 30, Coral, Inc. finished Job 750 with total job costs of

image text in transcribed
This Question: 2 pts 20 of 55(0 complete)This Test: 150 pts possible On June 30, Coral, Inc. finished Job 750 with total job costs of $4,600, and transferred the costs to Finished Goods Inventory. On July 6, Coral sold goods to a customer for $5,100 cash. Which of the following is the correct journal entry to record the cost of goods sold? Assume the perpetual inventory system is used A. debit Finished Goods Inventory $4,600 and credit Cost of Goods Sold $4,600 O B. debit Work-in -Process Inventory $4,600 and credit Cost of Goods Sold $4,600 O C. debit Cost of Goods Sold $4,600 and credit Finished Goods Inventory $4,600 O D. debit Cost of Goods Sold $4,600 and credit Work- in - Process Inventory $4,600

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Quality Management Systems Keeping Your Quality Management System Relevant

Authors: Herne European Consultancy, Ray Tricker

1st Edition

0992758521, 978-0992758523

More Books

Students also viewed these Accounting questions

Question

List behaviors to improve effective leadership in meetings

Answered: 1 week ago