Question

During October, Kreitner Inc. transferred $73,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $76,000. The journal entries to record these transactions would include a:

Answer 1

Pleaze you Omitted options which i thin should be

credit to work in process of $73,000  

debit to finished goods of 76,000

credit to finished goods of $73,000

credit to cost of goods sold of $76,000

Answer: credit to work in process of $73,000  

Explanation:

Journal to record transfer of$73,000  from Work in Process to Finished Goods

Account title                         Debit                  Credit

Finished goods                 $73,000

Work in Process                                                  $73,000  

Journal to record cost of goods sold from finished goods

Account title                         Debit                  Credit

Cost of goods sold              $76,000.

Finished goods                                               $76,000