Haupt Incorporated manufacturers water pumps. Each pump requires $160 of raw materials and $320 of...
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Accounting
Haupt Incorporated manufacturers water pumps. Each pump requires $160 of raw materials and $320 of conversion costs. Each pump is sold for $735. Last month Haupt produced and sold 70 pumps. The journal entry to record cost of goods sold would include:
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Debit to accounts receivable of $33,600.
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Credit to sales of $33,600.
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Debit to cost of goods sold of $33,600.
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Credit to cost of goods sold of $51,450.
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Debit to sales of $51,450.
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