Mynex Company completes Job No. 26 at a cost of $4,500 and later sells it for $7,000 cash….

Mynex Company completes Job No. 26 at a cost of $4,500 and later sells it for $7,000 cash. Acorrectentry is:

(a)debit Finished Goods Inventory $7,000 and credit Work in Process Inventory $7,000.

(b)debit Cost of Goods Sold $7,000 and credit Finished Goods Inventory $7,000.

(c)debit Finished Goods Inventory $4,500 and credit Work in Process Inventory $4,500.

(d)debit Accounts Receivable $7,000 and credit Sales Revenue $7,000.

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