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H3Ko H3Ko
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7 years ago
Altima, Inc. finished Job A40 on the last working day of the year. It utilized $370 of direct materials and $3,420 of direct labor. Altima uses a predetermined overhead allocation rate based on a percentage of direct labor costs, which has been fixed at 40%. The entry to record the completion of the job should involve a ________.
A) debit to Finished Goods Inventory $5,158 and a credit to Materials Inventory $5,158
B) debit to Work-in-Process Inventory $5,158 and a credit to Finished Goods Inventory $5,158
C) debit to Finished Goods Inventory $5,158 and a credit to Work-in-Process Inventory $5,158
D) debit to Cost of Goods Sold $5,158 and a credit to Finished Goods Inventory $5,158
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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Mrgo-breedMrgo-breed
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H3Ko Author
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#2
7 years ago
I just realized you had posted this! Thanks so much
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#3
7 years ago
Happy to help Smiling Face with Open Mouth
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#4
4 years ago
Thankyou!
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#5
3 years ago
thanks
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