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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:

Multiple Choice

  • Debit Credit
    Work in Process 1,672,500
    Finished Goods 1,672,500
  • Debit Credit
    Finished Goods 1,469,000
    Work in Process 1,469,000
  • Debit Credit
    Work in Process 1,469,000
    Finished Goods 1,469,000
  • Debit Credit
    Finished Goods 1,672,500
    Work in Process 1,672,500

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