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During March, Z Corp, transferred $66,000 from Work in Process to Finished Goods and sold manufactured goods with a cost of $72,000. Which of the following journal entries would be correct?" Multiple Choice debit to Work in Process of $66,000 and a credit to Finished Goods of $66,000. debit to Finished Goods of $72,000 and a credit to Sales of $72,000. debit to Finished Goods of $72,000 and a credit to Cost of Goods Sold of $72,000. debit to Finished Goods of $66,000 and a credit to Work in Process of $66,000.

During March, Z Corp, transferred $66,000 from Work in Process to Finished Goods and sold manufactured goods with a cost of $72,000. Which of the following journal entries would be correct?" Multiple Choice debit to Work in Process of $66,000 and a credit to Finished Goods of $66,000. debit to Finished Goods of $72,000 and a credit to Sales of $72,000. debit to Finished Goods of $72,000 and a credit to Cost of Goods Sold of $72,000. debit to Finished Goods of $66,000 and a credit to Work in Process of $66,000.

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 7BE: In October, the cost of materials transferred into the Rolling Department from the Casting...
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During March, Z Corp, transferred $66,000 from Work in Process to Finished Goods and sold manufactured goods with a cost of $72,000. Which of the following journal entries would be correct?" Multiple Choice debit to Work in Process of $66,000 and a credit to Finished Goods of $66,000. debit to Finished Goods of $72,000 and a credit to Sales of $72,000. debit to Finished Goods of $72,000 and a credit to Cost of Goods Sold of $72,000. debit to Finished Goods of $66,000 and a credit to Work in Process of $66,000.
Transcribed Image Text:During March, Z Corp, transferred $66,000 from Work in Process to Finished Goods and sold manufactured goods with a cost of $72,000. Which of the following journal entries would be correct?" Multiple Choice debit to Work in Process of $66,000 and a credit to Finished Goods of $66,000. debit to Finished Goods of $72,000 and a credit to Sales of $72,000. debit to Finished Goods of $72,000 and a credit to Cost of Goods Sold of $72,000. debit to Finished Goods of $66,000 and a credit to Work in Process of $66,000.
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Step 1

Both of the accounts have a nominal debit balance. So every debit is used for increase and credit to decrease.

 

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