PHI Company Began Its Operations on January 1 and Produces

question 76

Multiple Choice

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: 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

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Definitions:

Current Account

A component of a country's balance of payments that measures the trade of goods and services, net earnings on investments, and transfer payments.

Goods Exports

The act of sending domestically produced goods to another country for sale or trade.

Current Account

A country's transactions with the rest of the world, including goods, services, income, and current transfers.

Net Inflow

Net inflow refers to the total incoming resources or capital minus the outgoing resources or capital in a particular time period.