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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
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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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