During March Zea Inc transferred 67000 from Work in Process

During March, Zea Inc. transferred $67,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $73,000. The journal entries to record these transactions would include a: Multiple Choice credit to Work in Process of $67,000. debit to Finished Goods of $73,000 credit to Finished Goods of $67,000 credit to Cost of Goods Sold of $73,000

Solution

Answer:

Finished goods a/c             Dr.   67000

        To Work in process                 67000

Cost of goods sold a/c        Dr.   73000

        To Finished Goods                  73000