Completion and Sale of Product Journal Entries. The Miker Manufacturing Company had a balance of $140,000 in work-in-process inventory and a balance of $275,000 in finished goods inventory as of March 31, 20x2. On April 1, completed products totaling $95,000 were transferred to the finished goods warehouse. On that same date, finished products costing $185,000 were sold on account for $240,000.

a. Prepare journal entries to record April transactions.

b. Determine the balance of work-in-process inventory and finished goods inventory after giving consideration to the entries in part (a).