Harrington Industries, which uses a process-costing system, had a balance in its Work-in-Process account of $113,000 on January 1. The account was charged with direct materials, direct labor, and manufacturing overhead of $508,000 throughout the year. If a review of the accounting records determined that $137,000 of goods were still in production at year-end, Harrington should make a journal entry on December 31 that includes:

• a debit to Cost of Goods Sold for $484,000.

• a credit to Finished-Goods Inventory for $484,000.

• a credit to Work-in-Process Inventory for $484,000.

• a debit to Finished-Goods Inventory for $137,000.

• a credit to Work-in-Process Inventory for $137,000.