Luker Corporation uses a process costing system. The company had $176,500 of beg

Question

Luker Corporation uses a process costing system. The company had $176,500 of beginning Finished Goods Inventory on October 1. It transferred in $853,000 of goods completed during the period. The ending Finished Goods Inventory balance on October 31 was $174,200. The entry to account for the cost of goods manufactured during October is:

Debit Cost of Goods Sold $853,000; credit Finished Goods Inventory $853,000.
Debit Cost of Goods Sold $855,300; credit Work in Process Inventory $855,300.
Debit Finished Goods Inventory $853,000; credit Work in Process Inventory $853,000.
Debit Finished Goods Inventory $174,200; credit Cost of Goods Sold $174,200.
Debit Cost of Goods Sold $855,300; credit Finished Goods Inventory $855,300.

Explanation / Answer

Answer is C

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