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Managerial Accounting

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Standard Costs for Goods Sold

MGRACT-L844KX

Giant Corp sold several shipments of shampoo for \$80,000 with a cost of \$62,000 on account. What should the entry include to record the sale and impact on inventory?

A

Debit to Sales of \$80,000

B

Credit to Cost of Goods Sold of \$62,000

C

Debit to Accounts Receivable of \$80,000

D

Credit to Sales of \$62,000