On June 30, Coral, Inc. finished Job 750 with total job costs of $4700, and transferred the costs to Finished Goods Inventory. On July 6, Coral sold goods to a customer for $5000 cash. Which of the following is the correct journal entry to record the cost of goods sold? Assume the perpetual inventory system is used.
A) debit Finished Goods Inventory $4700 and credit Cost of Goods Sold $4700
B) debit Cost of Goods Sold $4700 and credit Work-in-Process Inventory $4700
C) debit Work-in-Process Inventory $4700 and credit Cost of Goods Sold $4700
D) debit Cost of Goods Sold $4700 and credit Finished Goods Inventory $4700
D) debit Cost of Goods Sold $4700 and credit Finished Goods Inventory $4700
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