2. If a company sells goods that cost P70,000 for P82,000, the firm will:reduce Finished-Goods Inventory by P70,000.b. reduce Finished-Goods Inventory by P82,000.C. report sales revenue on the balance sheet of P82,000.d. reduce Cost of Goods Sold by P70,000.a.to3. Eleria Manufacturing recently sold goods that cost P35,000 for P45,000cash. The journal entries to record this transaction would include:a credit to Work-in-Process Inventory for P35,000.b. a debit to Sales Revenue for P45,000.a debit to Finished-Goods Inventory for P35,000.d. a credit to Sales Revenue for P45,000.a.C.

Since you have asked multiple question, we will solve the first question for you. If you want any…

2. If a company sells goods that cost P70,000 for P82,000, the firm will: a. reduce Finished-Goods Inventory by P70,000. b. reduce Finished-Goods Inventory by P82,000. C. report sales revenue on the balance sheet of P82,000. d. reduce Cost of Goods Sold by P70,000.

2. If a company sells goods that cost P70,000 for P82,000, the firm will: a. reduce Finished-Goods Inventory by P70,000. b. reduce Finished-Goods Inventory by P82,000. C. report sales revenue on the balance sheet of P82,000. d. reduce Cost of Goods Sold by P70,000.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter2: Basic Cost Management Concepts

Section: Chapter Questions

Problem 3CE: Pietro expects to produce 50,000 units and sell 49,300 units. Beginning inventory of finished goods...

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Question

2. If a company sells goods that cost P70,000 for P82,000, the firm will:
reduce Finished-Goods Inventory by P70,000.
b. reduce Finished-Goods Inventory by P82,000.
C. report sales revenue on the balance sheet of P82,000.
d. reduce Cost of Goods Sold by P70,000.
a.
to
3. Eleria Manufacturing recently sold goods that cost P35,000 for P45,000
cash. The journal entries to record this transaction would include:
a credit to Work-in-Process Inventory for P35,000.
b. a debit to Sales Revenue for P45,000.
a debit to Finished-Goods Inventory for P35,000.
d. a credit to Sales Revenue for P45,000.
a.
C.

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