Mynex Company completes Job No. 26 at a cost of $4,500 and later sells it for $7,000

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Mynex Company completes Job No. 26 at a cost of $4,500 and later sells it for $7,000 cash. A correct recording is:

a. Increase Finished Goods Inventory $7,000 and decrease Work in Process Inventory $7,000.

b. Increase Cost of Goods Sold $7,000 and decrease Finished Goods Inventory $7,000.

c. Increase Finished Goods Inventory $4,500 and decrease Work in Process Inventory $4,500.

d. Increase Accounts Receivable $7,000 and increase Sales Revenue $7,000.

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Managerial Accounting Tools For Business Decision Making

ISBN: 9781119754053

9th Edition

Authors: Jerry J Weygandt, Paul D Kimmel, Jill E Mitchell

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Question Posted: Apr 11, 2022 04:58 AM

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Mynex Company completes Job No. 26 at a cost of $4,500 and later sells it for $7,000

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b Increase Cost of Goods Sold 7000 and decrease Finished Go...View the full answer

Managerial Accounting Tools For Business Decision Making

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