Chapter 4, Problem 14F15

To determine

Transfer of costs from Work in Process to Finished Goods:

Practically, we see that at the end of a period some part of work in process is completed and transferred to finished goods. Costs of such goods need to be transferred to finished goods such as materials, direct labor, overheads, etc. Such transfer of costs from work in process to finished goods is recorded with the help of specific journal entry in the books of the manufacturer so that proper accounting record can be maintained.

To Indicate: The Journal entry for Transfer of costs from Work in Process to Finished Goods.