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Ch 19 LO4 FG

1

4 questions

  • 1. Multiple Choice
    1 minute
    1 pt
    Caltran, Inc. completed manufacturing Job 445. It included $380 of direct materials cost, $1,200 of direct labor cost, and $520 of allocated manufacturing overhead. Which of the following is the correct journal entry needed to record the completed job?
    Work _ in _ Process Inventory 1,580 Cost of Goods Sold 1,580
    Finished Goods Inventory 2,100 Materials Inventory 2, 100
    Finished Goods Inventory 2,100 Work _ in _ Process Inventory 2,100
    Work _ in _ Process Inventory 2,100 Finished Goods Inventory 2,100
  • 2. Multiple Choice
    1 minute
    1 pt
    On June 30, Caroline, Inc. finished Job 750 with total job costs of $4,200 and transferred the costs to Finished Goods Inventory. On July 6, Caroline completed the sale of the goods from Job 750 to a customer for $5,000 cash. Which of the following is the correct entry needed to record the revenue earned?
    debit Cost of Goods Sold $4,200 and credit Sales Revenue $4,200
    debit Sales Revenue $5,000 and credit Cash $5,000
    debit Cash $5,000 and credit Sales Revenue $5,000
    debit Finished Goods Inventory $4,200 and credit Sales Revenue $4,200
  • 3. Multiple Choice
    1 minute
    1 pt
    On June 30, Coral, Inc. finished Job 750 with total job costs of $4,500, and transferred the costs to Finished Goods Inventory. On July 6, it completed the sale of the goods to a customer for $5,700 cash. Which of the following is the correct journal entry to record the cost of goods sold?
    debit WIP Inventory $4,500 and credit Cost of Goods Sold $4,500
    debit Finished Goods Inventory $4,500 and credit Cost of Goods Sold $4,500
    debit COGS $4,500 and credit Finished Goods Inventory $4,500
    debit COGS $4,500 and credit Work _ in _ Process Inventory $4,500
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