During 2013, Company C, an automobile manufacturer, finished producing 50 trucks, each of which had a manufacturing cost of $20,000 accumulated in Work in Process inventory previously. What would be the entry to record transfer of inventory to Finished Goods?

Accounts

Raw Materials

Work in Process

Finished Goods

Cost of Goods Sold

Amounts

$1,000,000

$1,000,000

$1,500,000

$1,500,000