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Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Raw materials purchased on
Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year:
Raw materials purchased on account | $ | 475,000 |
Raw materials (all direct) requisitioned for use in production | $ | 476,000 |
Direct labor cost | $ | 640,000 |
Manufacturing overhead: | ||
Indirect labor cost | $ | 174,000 |
Other manufacturing overhead costs incurred | $ | 498,000 |
Cost of goods manufactured | $ | 1,469,000 |
Cost of goods sold (unadjusted) | $ | 1,430,000 |
The journal entry to record the transfer of completed goods from Work in Process to Finished Goods is:
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