Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $890 and sold them on credit to Percy Corporation for $1,255. The complete journal entry to be made by Wyman at the time of this sale is:

Multiple Choice

• Debit Cost of Goods Sold $1,255; credit Sales $1,255.

• Debit Accounts Receivable $1,255; credit Sales $365; credit Finished Goods Inventory $890.

• Debit Accounts Receivable $1,255; debit Selling expense $890; credit Sales $1,255; credit Cost of Goods Sold $890.

• Debit Finished Goods Inventory $890; debit Sales $1,255; credit Accounts Receivable $1,255; credit Cost of Goods Sold $890.

• Debit Accounts Receivable $1,255; credit Sales $1,255; debit Cost of Goods Sold $890; credit Finished Goods Inventory $890.