Harrington Industries, which uses a process-costing system, had a balance in its Work-in-Process account of $138,000...
Harrington Industries, which uses a process-costing system, had a balance in its Work-in-Process account of $138,000 on January 1. The account was charged with direct materials, direct labor, and manufacturing overhead of $533,000 throughout the year. If a review of the accounting records determined that $144,000 of goods were still in production at year-end, Harrington should make a journal entry on December 31 that includes:
Multiple Choice
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a debit to Cost of Goods Sold for $527,000.
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a credit to Finished-Goods Inventory for $527,000.
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a credit to Work-in-Process Inventory for $527,000.
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a debit to Finished-Goods Inventory for $144,000.
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a credit to Work-in-Process Inventory for $144,000.
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Harrington Industries, which uses a process-costing system, had
a balance in its Work-in-Process account of $138,000...
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