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A certain amount of goods were completed during the month
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
Expert Solution
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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