Verrett Corporation is a manufacturer that uses job-order costing. The company h

Question

Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year:

The journal entry to record the transfer of completed goods from Work in Process to Finished Goods is:

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

Explanation / Answer

Journal entry :

Date account and explanation debit credit Finished goods 1469000 Work in process 1469000 (To record transfer of finished goods)

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