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 cost of goods sold of $50,025.
B. Debit to sales of $50,025.
C. Credit to sales of $32,430.
D. Debit to cost of goods sold of $32,430.
E. Debit to accounts receivable of $32,430.
Answer: D
You might also like to view...
Under current GAAP unrealized gains and losses from four balance sheet items are reported in ___________________________________________________________________________
Fill in the blank(s) with correct word
The difference between net sales and cost of goods sold is gross profit
Indicate whether the statement is true or false
The software team at MK Metasources has designed a new software that will reduce the time taken for a particular process by 50 percent. During the launch of this software, the head of the software team explains the difference between the new software and the existing software to the employees. During the explanation, in order to avoid making abrupt changes in thought, the head of the software
team uses words like "however," "on the contrary," and "despite." In this scenario, the head of the software team has used _____ to give the explanation. A) ?contrast connectors B) ?time connectors C) ?similarity connectors D) ?cause-and-effect connectors
The most powerful trend in ERP is likely to be?
a. RFID b. Lean management c. Manual inventory tracking d. Cloud computing