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27 December, 04:41

Exercise 3-24 Recording cost of completed goods LO P4 Prepare journal entries to record the following production activities. Transferred completed goods from the Assembly department to finished goods inventory. The goods cost $135,600. Sold $315,000 of goods on credit. Their cost is $175,000.

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  1. 27 December, 08:28
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    Sr. No Particulars Debit Credit

    1 Finished Goods $135,600

    Work In Process - Assembly department $135,600

    Transferred completed goods from the Assembly department to finished goods inventory. The goods cost $135,600.

    2 Account Receivable $315,000

    Sales $315,000

    Cost Of Goods Sold $ 175,000

    Merchandise Inventory $ 175,000

    Sold $315,000 of goods on credit. Their cost is $175,000.
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