The cost of production of completed and transferred goods during the period amou
ID: 2546337 • Letter: T
Question
The cost of production of completed and transferred goods during the period amounted to $540,000, and the finished products shipped to customers had production costs of $375,000. The entry to record the transfer of costs from finished goods to cost of goods sold is
Finished Goods 540,000
Cost of Goods Sold 375,000
Cost of Goods Sold 540,000
Finished Goods 375,000
Cost of Goods Sold 540,000Finished Goods 540,000
Explanation / Answer
Ans: Option D
Cost of Goods Sold 375,000
Finished Goods 375,000
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