Answer:
Given that,
Cost of goods manufactured = $1,486,000
Cost of goods sold (unadjusted) = $1,337,000
Therefore, the journal entry for the transfer of completed goods from WIP to Finished goods is as follows:
Finished Goods A/c Dr. $1,486,000
To Work in process $1,486,000
(Being transfer of completed goods from work in process to finished goods recorded)
Answer:
1. A debit to cash for $135,000
Explanation:
The complete entries are
1. A debit to cash for $135,000
2. A credit to common stock account for $135,000
Answer:
Perfomance standard
Explanation:
A performance standard is a management-approved expression of the performance threshold(s), requirement(s), or expectation(s) that must be met to be appraised at a particular level of performance.
