COST ACCOUNTING
JOB ORDER COSTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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In Moo Company, Job No. 36 is completed at a cost of RM4, 500 and later sold for RM7, 000 cash. A correct entry is:
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Debit Accounts Receivable RM7, 000 and credit Sales RM7, 000.
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Debit Finished Goods Inventory RM4, 500 and credit Work in Process Inventory RM4, 500.
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Debit Cost of Goods Sold RM7, 000 and credit Finished Goods Inventory RM7, 000.
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Debit Finished Goods Inventory RM7, 000 and credit Work in Process Inventory RM7, 000.
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Explanation:
There is 1 question to complete.