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12 00:51:36 Ask Luker Corporation uses a process costing system. The company had $179,500 of beginning Finished Goods Inventory on October 1. It transferred
12 00:51:36 Ask Luker Corporation uses a process costing system. The company had $179,500 of beginning Finished Goods Inventory on October 1. It transferred in $856,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $177,200. The entry to account for the cost of goods manufactured during October is: Multiple Choice O Debit Cost of Goods Sold $856,000; credit Finished Goods Inventory $856,000. Debit Cost of Goods Sold $858,300; credit Work in Process Inventory $858,300. Debit Finished Goods Inventory $856,000; credit Work in Process Inventory $856,000. Debit Finished Goods Inventory $177,200; credit Cost of Goods Sold $177,200. Debit Cost of Goods Sold $858,300; credit Finished Goods Inventory $858,300.
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