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Homework answers / question archive / A certain amount of goods were completed during the month

A certain amount of goods were completed during the month

Accounting

A certain amount of goods were completed during the month. The entry is:

 

Dr. Work in Process inventory and Cr. Finished Goods Inventory

 

Dr. Work in Process Inventory and Cr. Manufacturing Overhead

 

Dr. Finished Goods Inventory and Cr. Work in Process Inventory

 

Dr. Cost of Goods Sold and Cr. Finished Goods Inventory

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When each job and job order cost sheet have been completed, an entry is made to transfer the total cost from the work in process inventory to the finished goods inventory.  The entry is a as follows:

Journal Entry:    
Date Account Titles and Explanation Debit Credit
XXX Finished Goods Inventory xxx  
  Work in Process Inventory   xxx
  (Being entry made to recognize completion of Job)    

So, the correct option is 3rd "Dr. Finished Goods Inventory and Cr. Work in Process Inventory".

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