Luker Corporation Luses a process costing system. The company had $177,500 of beginning Finished Goods Inventory on Octobet 1t transfered in 1854000 of unes comcen during the period. The ending Finished Goods Inventory balance on October 31 was $175.200. The entry to account for the cost of goods marufactured diunng Octoberw Multiple Choice Debit Cost of Goods Sold $856,30o; credit Finished Goods Inventory $856,300. Debit Finished Goods Inventory $854,000: credit Work in Process Inventory $854,000. Debit Cost of Goods Sold $856,300; credit Work in Process Inventory $856,300. Debit Finished Goods Inventory $175,200; credit Cost of Goods Sold $175,200. Debit Cost of Goods Sold $854,000; credit Finished Goods Inventory $854,000.
Luker Corporation Luses a process costing system. The company had $177,500 of beginning Finished Goods Inventory on Octobet 1t transfered in 1854000 of unes comcen during the period. The ending Finished Goods Inventory balance on October 31 was $175.200. The entry to account for the cost of goods marufactured diunng Octoberw Multiple Choice Debit Cost of Goods Sold $856,30o; credit Finished Goods Inventory $856,300. Debit Finished Goods Inventory $854,000: credit Work in Process Inventory $854,000. Debit Cost of Goods Sold $856,300; credit Work in Process Inventory $856,300. Debit Finished Goods Inventory $175,200; credit Cost of Goods Sold $175,200. Debit Cost of Goods Sold $854,000; credit Finished Goods Inventory $854,000.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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