Luker corporation uses a process costing system. the company had $160,500 of beginning finished goods inventory on october 1. luker completed and transferred to finished goods a total of $837,000. the ending finished goods inventory balance on october 31 was $158,200. the entry to account for the cost of goods manufactured during october is:

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Business

Ronald Hawkins

24 December, 18:32

Luker corporation uses a process costing system. the company had $160,500 of beginning finished goods inventory on october 1. luker completed and transferred to finished goods a total of $837,000. the ending finished goods inventory balance on october 31 was $158,200. the entry to account for the cost of goods manufactured during october is:

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Tickles · Answer 1

Given:

FG, beginning 160,500

Add: completed and transferred: 837,000

997,500

Less: FG, ending 158,200

Cost of goods sold 839,300

Debit Credit

Cost of Goods sold 839,300

Finished goods 839,300

Cost of goods sold is only recorded when sales of the products are made.