During the current period, Sean Company transferred $69,100 from Work in Process

Question

During the current period, Sean Company transferred $69,100 from Work in Process to Finished Goods and recorded Cost of Goods Sold of $74,670. Which of the following reflects the Cost of Goods Manufactured being transferred out of the factory?

credit to Cost of Goods Sold of $74,670

credit to Work in Process of $69,100

credit to Finished Goods of $69,100

debit to Finished Goods of $74,670

During the current period, Sean Company transferred $69,100 from Work in Process to Finished Goods and recorded Cost of Goods Sold of $74,670. Which of the following reflects the Cost of Goods Manufactured being transferred out of the factory?

Explanation / Answer

Journal entry : Goods transferrd out of the factory :

so answer is b) credit to Work in Process of $69,100

Date accounts & explanation debit credit Finished goods inventorya/c 69100 work in process a/c 69100 (To record transferred out)

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