Haupt Inc. manufacturers water pumps. Each pump requires $155 of raw materials and $315 of conversion costs. Each pump is sold for $725. Last month Haupt produced and sold 69 pumps. The journal entry to record cost of goods sold would include:
A. Credit to sales of $32,430.
B. Debit to sales of $50,025.
C. Debit to cost of goods sold of $32,430.
D. Debit to accounts receivable of $32,430.
E. Credit to cost of goods sold of $50,025.
Answer: C
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