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debit to Work - in - Process Inventory $4,384 and a credit to Finished Goods Inventory $4,384 debit to Finished Goods Inventory $4,384 and a credit to Work - in - Process Inventory $4,384 debit to Cost of Goode Sold $4. 384 and a credit to Einiebed Goode Inventon, SA 384

debit to Work - in - Process Inventory $4,384 and a credit to Finished Goods Inventory $4,384 debit to Finished Goods Inventory $4,384 and a credit to Work - in - Process Inventory $4,384 debit to Cost of Goode Sold $4. 384 and a credit to Einiebed Goode Inventon, SA 384

FINANCIAL ACCOUNTING
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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Question 23

At the beginning of the year, Conway Manufacturing had the following account balances: Work - in - Process Inventory 2,000| Finished Goods Inventory 8,000 Manufacturing Overhead
Transcribed Image Text:At the beginning of the year, Conway Manufacturing had the following account balances: Work - in - Process Inventory 2,000| Finished Goods Inventory 8,000 Manufacturing Overhead
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 $4384 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
Transcribed Image Text: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 $4384 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
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