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Home Q & A Board Other Fields Homework Help Business Accounting
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lovepink1122 lovepink1122
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A year ago

Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year:

Raw materials purchased on account$ 475,000
Raw materials (all direct) requisitioned for use in production$ 476,000
Direct labor cost$ 640,000
Manufacturing overhead:
Indirect labor cost$ 174,000
Other manufacturing overhead costs incurred$ 498,000
Cost of goods manufactured$1,469,000
Cost of goods sold (unadjusted)$1,430,000

The journal entry to record the transfer of completed goods from Work in Process to Finished Goods is:



▸
DebitCredit
Finished Goods1,672,500
Work in Process1,672,500


▸
DebitCredit
Work in Process1,469,000
Finished Goods1,469,000


▸
DebitCredit
Finished Goods1,469,000
Work in Process1,469,000


▸
DebitCredit
Work in Process1,672,500
Finished Goods1,672,500
Textbook 
Introduction to Managerial Accounting: Brewer Edition: 9e

Introduction to Managerial Accounting: Brewer Edition: 9e


Edition: 9th
Authors:
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prospectjayprospectjay
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A year ago
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lovepink1122 Author
wrote...

A year ago
Correct Slight Smile TY
DAGINC
wrote...

Yesterday
Thanks for your help!!
noodlelicker
wrote...

2 hours ago
Good timing, thanks!
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