Maurice Tutor

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Teaching Since: May 2017
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  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 17 Aug 2017 My Price 9.00

PHI Company

PHI Company began its operations on January 1 and produces a single product that sells for $35.00 per unit. 5,000 units were produced and 4,000 units were sold during the year.

Standard costs per unit follow:

   

Standard cost

Raw materials

  

$12.50

Direct labor

  

   6.50

Factory overhead

  

   4.00
     

What is entry to record the finished goods?

a.

Finished goods                115,000

     Work in process                    115,000

b.

Finished goods                 92,000

     Work in process                     92,000

c.

Work in process               115,000

     Finished goods                     115,000

d.

Cost of goods sold             92,000

     Finished goods                      92,000

 

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 07:08 PM My Price 9.00

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