Altima, Inc. finished Job A40 on the last working day of the year. It utilized $370 of direct materials and $3420 of direct labor. Altima uses a predetermined overhead allocation rate based on direct labor costs, which has been fixed at 40%. The entry to record the completion of the job should involve a ________.
A) debit to Finished Goods Inventory $5158 and a credit to Materials Inventory $5158
B) debit to Cost of Goods Sold $5158 and a credit to Finished Goods Inventory $5158
C) debit to Finished Goods Inventory $5158 and a credit to Work-in-Process Inventory $5158
D) debit to Work-in-Process Inventory $5158 and a credit to Finished Goods Inventory $5158
C) debit to Finished Goods Inventory $5158 and a credit to Work-in-Process Inventory $5158
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Indicate whether the statement is true or false