Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Raw materials purchased on account$475,000Raw materials (all direct) requisitioned for use in production$476,000Direct labor cost$640,000Manufacturing overhead: Indirect labor cost$174,000Other manufacturing overhead costs incurred$498,000Cost of goods manufactured$1,469,000Cost of goods sold (unadjusted)$1,430,000 The journal entry to record the unadjusted Cost of Goods Sold is:
A.
| Cost of Goods Sold | 1,469,000 | |
| Finished Goods | 1,469,000 |
B.
| Finished Goods | 1,469,000 | |
| Cost of Goods Sold | 1,469,000 |
C.
| Cost of Goods Sold | 1,430,000 | |
| Finished Goods | 1,430,000 |
D.
| Finished Goods | 1,430,000 | |
| Cost of Goods Sold | 1,430,000 |
Answer: C
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ABC Co. performed $5,000 of consulting work. Their customer paid them $3,500 right away and agreed to pay the balance in 30 days. Select the correct journal entry from the options below to record the transaction:
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Answer the following statements true (T) or false (F)
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