Diamond Corporation uses a process costing system. The company had $$163,500$ of beginning Finished Goods Inventory on October $1.$ It transferred in $$840,000$ of units completed during the period. The ending Finished Goods Inventory balance on October $31$ was $$161,200.$ The entry to account for the cost of goods sold in October is:

Debit Cost of Goods Sold $$840,000$; credit Finished Goods Inventory $$840,000.$

Debit Cost of Goods Sold $$842,300$; credit Work in Process Inventory $$842,300.$

Debit Finished Goods Inventory $$840,000$; credit Work in Process Inventory $$840,000.$

Debit Finished Goods Inventory $$161,200$; credit Cost of Goods Sold $$161,200.$

Debit Cost of Goods Sold $$842,300$; credit Finished Goods Inventory $$842,300.$