Cao Inc. has worked on the following jobs during the first quarter of the year. The list of each job along with the balance of the total costs incurred at the end of the quarter is provided below: Job no. Ending Balance Job No. 221 $1,350 Job No. 222 1,270 Job No. 223 1,580 Job No. 224 1,690 Job No. 225 960 During the first quarter, jobs 221, 222, and 223 were completed; jobs 221 and 223 were sold on account for $2,000 and $2,380 respectively. What would the journal entry to record the costs of completed job during the first quarter be? Group of answer choices Debit: Finished goods inventory $4,200 and Credit: Work-in-process inventory $4,200 Debit: Work-in-process inventory $2,650 and Credit: Finished goods inventory $2,650 Debit: Finished goods inventory $1,270 and Credit: Work-in-process inventory $1,270 Debit: Work-in-process inventory $2,930 and Credit Finished goods inventory $2,930
Cao Inc. has worked on the following jobs during the first quarter of the year. The list of each job along with the balance of the total costs incurred at the end of the quarter is provided below: Job no. Ending Balance Job No. 221 $1,350 Job No. 222 1,270 Job No. 223 1,580 Job No. 224 1,690 Job No. 225 960 During the first quarter, jobs 221, 222, and 223 were completed; jobs 221 and 223 were sold on account for $2,000 and $2,380 respectively. What would the journal entry to record the costs of completed job during the first quarter be? Group of answer choices Debit: Finished goods inventory $4,200 and Credit: Work-in-process inventory $4,200 Debit: Work-in-process inventory $2,650 and Credit: Finished goods inventory $2,650 Debit: Finished goods inventory $1,270 and Credit: Work-in-process inventory $1,270 Debit: Work-in-process inventory $2,930 and Credit Finished goods inventory $2,930
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Cao Inc. has worked on the following jobs during the first quarter of the year. The list of each job along with the balance of the total costs incurred at the end of the quarter is provided below:
| Job no. | Ending Balance |
|---|---|
| Job No. 221 | $1,350 |
| Job No. 222 | 1,270 |
| Job No. 223 | 1,580 |
| Job No. 224 | 1,690 |
| Job No. 225 | 960 |
During the first quarter, jobs 221, 222, and 223 were completed; jobs 221 and 223 were sold on account for $2,000 and $2,380 respectively.
What would the
Group of answer choices
Debit: Finished goods inventory $4,200 and Credit: Work-in-process inventory $4,200
Debit: Work-in-process inventory $2,650 and Credit: Finished goods inventory $2,650
Debit: Finished goods inventory $1,270 and Credit: Work-in-process inventory $1,270
Debit: Work-in-process inventory $2,930 and Credit Finished goods inventory $2,930
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