Calculate the debit and credit for the goods issue step in the fulfillment process,based on the following data.Note: You need to pick the right price for this calculation.) Materials sold trading goods): Printers
Quantities sold: 100
Price for customer: $120.00
Current average moving price: $85.00
Price from vendor: $84.00
Average price 30 days before customer order was placed: $86.00
A)$12,000
B)$8,500
C)$8,400
D)$8,600
E)$0.00

Question

Quizplus · Accepted Answer

Debit: Cost of Goods Sold = Quantity Sold x Average Moving Price = 100 x $85.00 = $8,500
Credit: Inventory = Quantity Sold x Price from Vendor = 100 x $84.00 = $8,400
There is no mention of any discounts or taxes, so the answer is B.

Calculate the Debit and Credit for the Goods Issue Step