Chapter 3 Quiz i Saved Ruddick Corporation is a manufacturer that uses job-order

Question

Chapter 3 Quiz i Saved Ruddick Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year: Cost of goods manufactured Cost of goods sold (unadjusted) $1,486,000 $1,337,000 00.39.34 The journal entry to record the transfer of completed goods from Work in Process to Finished Goods is: Multiple Choice Finished Goods 1,337,000 Work in Process 1,337,000 Finished Goods 1,486,000 Work in Process 1,486, 000 Work in Process 1,337,000 Finished Goods 1,337,000 Work in Process 1,486,000 Finished Goods 1,486,000

Explanation / Answer

Journal entry :

so answer is b)

Date accounts & explanation debit credit Finished goods 1486000 Work in process 1486000 (To record goods transferred from work in process to finished goods)

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