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Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $900 and sold them on credit to Percy Corporation
Wyman Corporation uses a process costing system. The company manufactured certain goods at a cost of $900 and sold them on credit to Percy Corporation for $1,275. The complete journal entry to be made by Wyman at the time of this sale is: Multiple Choice Debit Finished Goods Inventory $900; debit Sales $1,275; credit Accounts Receivable $1,275; credit Cost of Goods Sold $900. Debit Cost of Goods Sold $1,275; credit Sales $1,275 Debit Accounts Receivable $1,275; credit Sales $375; credit Finished Goods Inventory $900. Debit Accounts Receivable $1,275; debit Selling expense $900; credit Sales $1,275; credit Cost of Goods Sold $900. Debit Accounts Receivable $1,275; credit Sales $1,275: debit Cost of Goods Sold $900, credit Finished Goods Inventory $900
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