Luker Corporation Luses a process costing system. The company had $177,500 of beginning Finished Goods Inventory on Octobet 1t transfered in 1854000 of unes comcen during the period. The ending Finished Goods Inventory balance on October 31 was $175.200. The entry to account for the cost of goods marufactured diunng Octoberw Multiple Choice Debit Cost of Goods Sold $856,30o; credit Finished Goods Inventory $856,300. Debit Finished Goods Inventory $854,000: credit Work in Process Inventory $854,000. Debit Cost of Goods Sold $856,300; credit Work in Process Inventory $856,300. Debit Finished Goods Inventory $175,200; credit Cost of Goods Sold $175,200. Debit Cost of Goods Sold $854,000; credit Finished Goods Inventory $854,000.

Luker Corporation Luses a process costing system. The company had $177,500 of beginning Finished Goods Inventory on Octobet 1t transfered in 1854000 of unes comcen during the period. The ending Finished Goods Inventory balance on October 31 was $175.200. The entry to account for the cost of goods marufactured diunng Octoberw Multiple Choice Debit Cost of Goods Sold $856,30o; credit Finished Goods Inventory $856,300. Debit Finished Goods Inventory $854,000: credit Work in Process Inventory $854,000. Debit Cost of Goods Sold $856,300; credit Work in Process Inventory $856,300. Debit Finished Goods Inventory $175,200; credit Cost of Goods Sold $175,200. Debit Cost of Goods Sold $854,000; credit Finished Goods Inventory $854,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Question

Luker Corporation uses a process costing system. The company had $177,500 of beginning Finished Goods Inventory on October 1. t transferred in 185A poo of unts, compan
during the period. The ending Finished Goods Inventory balance on October 31 was $175.200. The entry to account for the cost of goods manufactured diaring October w.
Multiple Choice
Debit Cost of Goods Sold $856,30o; credit Finished Goods Inventory $856.300.
Debit Finished Goods Inventory $854,00o; credit Work in Process Inventory $854,000.
Debit Cost of Goods Sold $856,300; credit Work in Process Inventory $856,300.
Debit Finished Goods Inventory $175,200; credit Cost of Goods Sold $175,200.
Debit Cost of Goods Sold $854,000; credit Finished Goods Inventory $854,000.
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