Adriano Corp. sold 2,500 cell phones on account for $700 each. The standard direct materials and conversion costs of each unit are $173.85 and $57.95, respectively. Record the journal entries for this transaction under the just-in-time costing system
What will be an ideal response
Accounts Receivable ($700 x 2,500 ) 1,750,000
Sales Revenue 1,750,000
Cost of Goods Sold [2,500 units x ($173.85 + $57.95 )] 579,500
Finished Goods Inventory 579,500
Business
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a. True b. False Indicate whether the statement is true or false
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