Reference no: EM132551100
Question 1: When a job costing $2,000 is sold, one of the journal entries would be:
Group of answer choices
A. Debit Finished Goods 2,000; Credot COGS 2,000
B. Debit Finished Goods 2,000; Credit WIP 2,000
C. Debit COGS 2,000; Credit FG 2,000
D. Debit WIP 2,000; Credit FG 2,000
Question 2: If the job sold for retail price of $2,000, the journal entry would be:
Group of answer choices
A.Debit COGS 2,000; Credit FG 2,000
B Debit Finished Goods 2,000; Credit COGS 2,000
C. Debit AR 2,000; Credit Sales 2,000
D. Debit Finished Goods 2,000; Credit WIP 2,000
Question 3: If the cost per unit is $10, you have beginning inventory of 2,000, produced 50,000 units, and sold 51,000 units, the cost of ending inventory is:
Group of answer choices
A. $10
B. $1,000
C. $10,000
D. $50,000
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