Blair Company Transferred the Cost of Units Completed During the Month

question 107

Multiple Choice

Blair Company transferred the cost of units completed during the month to Finished Goods.The total cost was $1,100.How does this event affect the financial statements? $\begin{array}{|c|c|c|c|c|c|c|c|c|c|}\hline {\text { Assets }} & = & \text { Liab. } & + & \text { Equity } & \text { Rev. } & - & \text { Exp. } & = & \text { Net Inc. } \\\hline \begin{array}{l|c|l}\text { WIP } & + & \text { Fin. } \\\text { Inv }&& \text { Goods } \\&& \text { Inv }\\\end{array} & & & & & & & & & \\\hline\end{array}$

• A)
• \(\begin{array}{|c|c|c|c|c|c|c|c|c|c|c|c|}
• \hline 1,100&+&(1,100)&=&NA&+&NA&NA&-&NA&=&NA\\
• \hline
• \end{array}\)
• B)
• \(\begin{array}{|c|c|c|c|c|c|c|c|c|c|c|c|}
• \hline (1,100)&+&1,100&=&NA&+&NA&NA&-&NA&=&NA\\
• \hline
• \end{array}\)
• C)
• \(\begin{array}{|c|c|c|c|c|c|c|c|c|c|c|c|}
• \hline (1,100)&+&NA&=&NA&+&(1,100)&NA&-&1,100&=&(1,100)\\
• \hline
• \end{array}\)
• D)
• \(\begin{array}{|c|c|c|c|c|c|c|c|c|c|c|c|}
• \hline NA&+&(1,100)&=&NA&+&(1,100)&NA&-&1,100&=&(1,100)\\
• \hline
• \end{array}\)

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