On June 30,Coral,Inc

question 6

Multiple Choice

On June 30,Coral,Inc.finished Job 750 with total job costs of $4700,and transferred the costs to Finished Goods Inventory.On July 6,Coral sold goods to a customer for $5000 cash.Which of the following is the correct journal entry to record the cost of goods sold? Assume the perpetual inventory system is used.

• A) debit Finished Goods Inventory $4700 and credit Cost of Goods Sold $4700
• B) debit Cost of Goods Sold $4700 and credit Work-in-Process Inventory $4700
• C) debit Work-in-Process Inventory $4700 and credit Cost of Goods Sold $4700
• D) debit Cost of Goods Sold $4700 and credit Finished Goods Inventory $4700

---

Definitions:

Sampling Distribution

A probability distribution of a statistic obtained through a large number of samples drawn from a specific population.

Chi-square Distribution

A probability distribution that arises in statistics as the distribution of a sum of the squares of independent standard normal random variables.

P-value

In statistical hypothesis testing, it represents the probability of observing a test statistic as extreme as, or more extreme than, the value observed under the assumption that the null hypothesis is true.

Sample Data

Sample data refers to a subset of a population selected for measurement, observation, or questioning, to provide statistical analysis.