On June 30,Coral,Inc.finished Job 750 with total job costs of $4,700,and transferred the costs to Finished Goods Inventory.On July 6,it completed the sale of the goods to a customer for $5,000 cash.Which of the following is the correct journal entry to record the cost of goods sold?
A) debit Finished Goods Inventory $4,700 and credit Cost of Goods Sold $4,700
B) debit Cost of Goods Sold $4,700 and credit Work-in-Process Inventory $4,700
C) debit Work-in-Process Inventory $4,700 and credit Cost of Goods Sold $4,700
D) debit Cost of Goods Sold $4,700 and credit Finished Goods Inventory $4,700
Correct Answer:
Verified
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