The cost of production of completed and transferred goods during the period amounted to $540,000, and the finished products shipped to customers had production costs of $375,000. The entry to record the transfer of costs from finished goods to cost of goods sold is 1) Cost of Goods Sold 375,000 Finished Goods 375,000 Cost of Goods Sold 540,000 2) Finished Goods 540,000 540,000 Finished Goods 3) Cost of Goods Sold 540,000 4) Sold Finished Goods Cost of Goods 375,000 375,000