There are physical limitations to the size of some manufacturing processes and when this size is exceeded, diseconomies of scale are experienced

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

If a party to a contract lacks the capacity to contract, the contract is:

a. void in all circumstances. b. void or voidable, depending on the kind of incapacity involved. c. voidable in all circumstances. d. enforceable nevertheless, since a contract is, by definition, a binding agreement.