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
D .D) Journal entry:
Cost of Goods Sold 4,700
Finished Goods Inventory 4,700
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