Here is some basic data for Honey Dukes Corporation Beginnin

Here is some basic data for Honey Dukes? Corporation: Beginning raw materials inventory $ 37 comma 600 Beginning work in process inventory 68 comma 100 Beginning finished goods inventory 59 comma 300 Cost of materials purchased 188 comma 300 Cost of direct materials requisitioned 87 comma 400 Direct labor incurred 195 comma 400 Actual manufacturing overhead 195 comma 600 Completed goods 288 comma 000 Cost of goods sold 255 comma 800 Manufacturing overhead rate? (% of direct? labor) 130?% The entry to record the cost of goods completed would be a

A. credit to Finished Goods Inventory account for $ 288 comma 000.

B. debit to Finished Goods Inventory account for $ 288 comma 000.

C. credit to WorkminusinminusProcess Inventory account for $ 255 comma 800.

D. debit to WorkminusinminusProcess Inventory account for $ 255 comma 800.

Solution

the entry to record cost of goods completed is Debit Credit Finished goods inventory 28,800 work in process inventory 28,800 option B) Debit to Finished goods inventory account for 28,800