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Hamilton, which uses a process-costing system, had a balance in its Work-in-Process account of $89,000 on January 1. The...

Hamilton, which uses a process-costing system, had a balance in its Work-in-Process account of $89,000 on January 1. The account was charged with direct materials, direct labor, and manufacturing overhead of $467,000 throughout the year. If a review of the accounting records determined that $122,000 of goods were still in production at year-end, Hamilton should make a journal entry on December 31 that includes:

  1. a debit to Finished-Goods Inventory for $122,000.  

  2. a credit to Finished-Goods Inventory for $434,000.  

  3. a credit to Work-in-Process Inventory for $434,000.  

  4. a debit to Cost of Goods Sold for $434,000.  

  5. a credit to Work-in-Process Inventory for $122,000.  

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answer: Credit to the work in process inventory for $434,000 explanation opening work in process 89000 add total manufacturin

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