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