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Luker Corporation uses a process costing system. The company had $171,500 of beginning Finished Goods Inventory on October 1. Luker completed and transferred to finished
Luker Corporation uses a process costing system. The company had $171,500 of beginning Finished Goods Inventory on October 1. Luker completed and transferred to finished goods a total of $848,000. The ending Finished Goods Inventory balance on October 31 was $169,200. The entry to account for the cost of goods sold in October is: Debit Cost of Goods Sold $848,000: credit Finished Goods Inventory $848,000 Debit Cost of Goods Sold $850,300: credit Work in Process Inventory $850,300 Debit Finished Goods Inventory $848,000: credit Work in Process Inventory $848,000. Debit Finished Goods Inventory $169,200: credit Cost of Goods Sold $169,200 Debit Cost of Goods Sold $850,300: credit Finished Goods Inventory $850,300
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