Homework SourseDuring the current period Sean Company transferred 69100 fro
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? |
Solution
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) |
