Question

Luker corporation uses a process costing system. the company had $180,500 of beginning finished goods inventory on october 1. it transferred in $857,000. of units completed during the period. the ending finished goods inventory balance on october 31 was $178,200. the entry to account for the cost of goods sold in october is:

Answer 1

Debit Cost of Goods Sold $859,300; credit Finished Goods Inventory $859,300.