A Job Costing $5,000 Is Completed

question 86

Multiple Choice

A job costing $5,000 is completed.What journal entry is used to record this transaction?

• A)Finished Goods 5,000Cost of Goods Sold 5,000
• B)Cost of Goods Sold 5,000Finished Goods 5,000
• C)Work in Process 5,000Finished Goods 5,000
• D)Finished Goods 5,000Work in Process 5,000

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Definitions:

Converting Nonbuyers

The process of persuading individuals who have not previously purchased a product or service to make a purchase.

New Applications

The novel uses or markets for existing products or technologies, often leading to innovation and expansion of business opportunities.

Adjacency Paths

Adjacency Paths relate to the strategic options a business may explore to grow by venturing into areas or markets closely related to its current operations or expertise.

New Geographies

Expansion or exploration into new geographical areas or markets by businesses seeking growth or diversification.