Luker Corporation uses a process costing system. The company had $169,500 of beginning Finished Goods Inventory on October 1. It transferred in $846,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $167,200. The entry to account for the cost of goods sold in October is:

Multiple Choice

• Debit Cost of Goods Sold $846,000; credit Finished Goods Inventory $846,000.

• Debit Cost of Goods Sold $848,300; credit Finished Goods Inventory $848,300.

• Debit Cost of Goods Sold $848,300; credit Work in Process Inventory $848,300.

• Debit Finished Goods Inventory $167,200; credit Cost of Goods Sold $167,200.

• Debit Finished Goods Inventory $846,000; credit Work in Process Inventory $846,000.