Harrington Industries, which uses a process-costing system, had a balance in its Work-in-Process account of s115,000 on January 1 The account was charged with direct materials, direct labor, and manufacturing overhead of $508.000 throughout the year. If a review of the accounting records determined that $137,000 of goods were still in production at year-end, Harrington should make a journal entry on December 31 that Includes: • a debit to Cost of Goods Sold for S484,000. • a credit to Finished-Goods Inventory for $484,000. • a credit to Work-in-Process Inventory for $484,00o. a debit to Finished-Goods Inventory for $137,000. a credit to Work-in-Process Inventory for $137,000.

Harrington Industries, which uses a process-costing system, had a balance in its Work-in-Process account of s115,000 on January 1 The account was charged with direct materials, direct labor, and manufacturing overhead of $508.000 throughout the year. If a review of the accounting records determined that $137,000 of goods were still in production at year-end, Harrington should make a journal entry on December 31 that Includes: • a debit to Cost of Goods Sold for S484,000. • a credit to Finished-Goods Inventory for $484,000. • a credit to Work-in-Process Inventory for $484,00o. a debit to Finished-Goods Inventory for $137,000. a credit to Work-in-Process Inventory for $137,000.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 4PA: During March, the following costs were charged to the manufacturing department: $14886 for...

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