Question: Question 29 2 pts Luker Corporation uses a process costing system. The company had $160,500 of beginning Finished Goods Inventory on October 1. It transferred
Question 29 2 pts Luker Corporation uses a process costing system. The company had $160,500 of beginning Finished Goods Inventory on October 1. It transferred in $837,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $158,200. The entry to account for the cost of goods sold in October is: Debit Cost of Goods Sold $839,300; credit Work in Process Inventory $839,300. Debit Finished Goods Inventory $837,000; credit Work in Process Inventory $837,000. Debit Cost of Goods Sold $837,000; credit Finished Goods Inventory $837,000. Debit Cost of Goods Sold $839,300; credit Finished Goods Inventory $839,300
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
