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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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  1. 24 December, 20:44
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    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.
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