Altima, Inc. finished Job A40 on the last working day of the year. It utilized $380 of direct materials and $2,860 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 O A. debit to Work - in - Process Inventory $4,384 and a credit to Finished Goods Inventory $4,384 O B. debit to Finished Goods Inventory $4,384 and a credit to Work - in - Process Inventory $4,384 OC. debit to Cost of Goods Sold $4,384 and a credit to Finished Goods Inventory $4,384 O D. debit to Finished Goods Inventory $4,384 and a credit to Materials Inventory $4,384

Altima, Inc. finished Job A40 on the last working day of the year. It utilized $380 of direct materials and $2,860 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 O A. debit to Work - in - Process Inventory $4,384 and a credit to Finished Goods Inventory $4,384 O B. debit to Finished Goods Inventory $4,384 and a credit to Work - in - Process Inventory $4,384 OC. debit to Cost of Goods Sold $4,384 and a credit to Finished Goods Inventory $4,384 O D. debit to Finished Goods Inventory $4,384 and a credit to Materials Inventory $4,384

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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