Glass Industries reported the following data for the year just ended: sales revenue, $1,750,000; cost of goods
sold, $980,000; cost of goods manufactured, $560,000; and selling and administrative expenses, $170,000. Glass' gross margin would be: $940,000. $1,190,000. $1,020,000. $380,000. $770,000. Serina Manufacturing recently sold goods that cost $35,000 for $45,000 cash. The journal entries to record this transaction would include: a credit to Work-in-Process Inventory for $35,000. a debit to Sales Revenue for $45,000. a credit to Profit on Sale for $10,000. a debit to Finished-Goods Inventory for $35,000. a credit to Sales Revenue for $45,000.
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