Empire Computer Company completed Job #123A during the month, and the total COGM was $10,500. Upon closure of this job, an entry would be made debiting ______ and crediting______ for $10,500.
Selected: a. finished goods; credit to work-in-process. This answer is correct.
b. none of these answers
c. work-in-process; finished goods
d. cost of goods manufactured; cost of goods sold
Correct! When a job is completed, to reflect the COGM appropriately, the entry will be a debit to finished goods and a credit to work-in-process.