Luker Corporation Uses a Process Costing System

question 61

Multiple Choice

Luker Corporation uses a process costing system.The company had $160,500 of beginning Finished Goods Inventory on October 1.It transferred in $837,000 of goods completed during the period.The ending Finished Goods Inventory balance on October 31 was $158,200.The entry to account for the cost of goods sold in October is:

• A)Debit Cost of Goods Sold $837,000;credit Finished Goods Inventory $837,000.
• B)Debit Cost of Goods Sold $839,300;credit Work in Process Inventory $839,300.
• C)Debit Finished Goods Inventory $837,000;credit Work in Process Inventory $837,000.
• D)Debit Finished Goods Inventory $158,200;credit Cost of Goods Sold $158,200.
• E)Debit Cost of Goods Sold $839,300;credit Finished Goods Inventory $839,300.

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