Luker Corporation uses a process costing system. The company had $162,500 of beginning Finished Goods Inventory...
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Luker Corporation uses a process costing system. The company had $162,500 of beginning Finished Goods Inventory on October 1. Luker completed and transferred to finished goods a total of $839,000. The ending Finished Goods Inventory balance on October 31 was $160,200. The entry to account for the cost of goods manufactured during October is: |
Multiple Choice
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Debit Finished Goods Inventory $839,000; credit Work in Process Inventory $839,000.
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Debit Finished Goods Inventory $160,200; credit Cost of Goods Sold $160,200.
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Debit Cost of Goods Sold $841,300; credit Finished Goods Inventory $841,300.
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Debit Cost of Goods Sold $839,000; credit Finished Goods Inventory $839,000.
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Debit Cost of Goods Sold $841,300; credit Work in Process Inventory $841,300.
Homework Answers
option A
debit to finished goods inventory 839000
to work in process inventory 839000
The answer is "Debit Cogs goods $841,300 and credit Finished goods $841,300"
Cogs = opening finshed goods + Transferred + closing finished goods
= $162,500+$839,000-$160,200
= $841,300
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Luker Corporation uses a process costing system. The company had $161,500 of beginning Finished Goods Inventory on October 1. It transferred in $838,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $159,200. The entry to account for the cost of goods manufactured during October is:
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