Question:
Mynex Company completes Job No. 26 at a cost of $4,500 and later sells it for $7,000 cash. A correct entry is:
(a) Debit Finished Goods Inventory $7,000 and credit Work in Process Inventory $7,000.
(b) Debit Cost of Goods Sold $7,000 and credit Finished Goods Inventory $7,000.
(c) Debit Finished Goods Inventory $4,500 and credit Work in Process Inventory $4,500.
(d) Debit Accounts Receivable $7,000 and credit Sales $7,000.