During February, Degan Inc. transferred $62,000 from Work in Process to Finished
ID: 2378090 • Letter: D
Question
During February, Degan Inc. transferred $62,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $67,000 (assume there was enough beginning balance in the Finished goods inventory account). The journal entries to record these transactions would include a:
A. credit to Finished Goods of $62,000
B. debit to Finished Goods of $67,000
C. credit to Work in Process of $62,000
D. credit to Cost of Goods Sold of $67,000
During February, Degan Inc. transferred $62,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $67,000 (assume there was enough beginning balance in the Finished goods inventory account). The journal entries to record these transactions would include a:
A. credit to Finished Goods of $62,000
B. debit to Finished Goods of $67,000
C. credit to Work in Process of $62,000
D. credit to Cost of Goods Sold of $67,000
Explanation / Answer
Goods credit
$62,000
Cash recorded:
$67,000
Total income:
$67,000
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