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During October Beidleman inc. transferred $64,900 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $70,660. The journal entries to record these transactions would include a: 1. debit to Finished Goods of $70,660 2. credit to Finished Goods of $64,900 3. credit to Cost of Goods Sold of $70,660 4. credit to Work in Process of $64,900

During October Beidleman inc. transferred $64,900 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $70,660. The journal entries to record these transactions would include a: 1. debit to Finished Goods of $70,660 2. credit to Finished Goods of $64,900 3. credit to Cost of Goods Sold of $70,660 4. credit to Work in Process of $64,900

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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During October Beidleman inc. transferred $64,900 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $70,660. The journal entries to record these transactions would include a: 1. debit to Finished Goods of $70,660 2. credit to Finished Goods of $64,900 3. credit to Cost of Goods Sold of $70,660 4. credit to Work in Process of $64,900
Transcribed Image Text:During October Beidleman inc. transferred $64,900 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $70,660. The journal entries to record these transactions would include a: 1. debit to Finished Goods of $70,660 2. credit to Finished Goods of $64,900 3. credit to Cost of Goods Sold of $70,660 4. credit to Work in Process of $64,900
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