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Luker Corporation uses a process costing system. The company had $163, 500 of beginning Finished Goods Inventory on October 1. Luker completed and transferred to
Luker Corporation uses a process costing system. The company had $163, 500 of beginning Finished Goods Inventory on October 1. Luker completed and transferred to finished goods a total of $840,000. The ending Finished Goods Inventory balance on October 31was $161, 200. The entry to account for the cost of goods manufactured during 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
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