Here is selected data for Lori Corporation Cost of raw material purchased Cost of requisitioned direct materials Cost of requisitioned indirect materials Direct labor Manufacturing overhead incurred Cost of goods completed Cost of goods sold Beginning raw materials inventory Beginning work in process inventory $77,000 43,000 3,000 80,000 100,000 233,500 142,000 17,000 32,000 35,000 130% Beginning finished goods inventory Manufacturing overhead allocation rate (based on direct labor) The journal entry to transfer completed goods to the finished goods inventory account would include a OA. credit to Work-in-Process Inventory account for $237,500 B. debit to Finished Goods Inventory account for $237,500 OC. debit to Finished Goods account for $233,500 OD. debit to Work-in-Process Inventory account for $233.500

Here is selected data for Lori Corporation Cost of raw material purchased Cost of requisitioned direct materials Cost of requisitioned indirect materials Direct labor Manufacturing overhead incurred Cost of goods completed Cost of goods sold Beginning raw materials inventory Beginning work in process inventory $77,000 43,000 3,000 80,000 100,000 233,500 142,000 17,000 32,000 35,000 130% Beginning finished goods inventory Manufacturing overhead allocation rate (based on direct labor) The journal entry to transfer completed goods to the finished goods inventory account would include a OA. credit to Work-in-Process Inventory account for $237,500 B. debit to Finished Goods Inventory account for $237,500 OC. debit to Finished Goods account for $233,500 OD. debit to Work-in-Process Inventory account for $233.500

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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