Here Is Selected Data for Lorelei Corporation - the Journal Entry to Transfer Completed Goods to the l

question 228

Multiple Choice

Here is selected data for Lorelei Corporation: $$\begin{array} { | l | r | } \hline \text { Cost of raw material purchased } & \mathbf { 7 5 , 0 0 0 } \\\hline \text { Cost of requisitioned direct materials } & 41,000 \\\hline \text { Cost of requisitioned indirect materials } & 2,000 \\\hline \text { Direct labor } & 75,000 \\\hline \text { Manufacturing overhead incurred } & 95,000 \\\hline \text { Cost of goods completed } & 226,750 \\\hline \text { Cost of goods sald } & 138,000 \\\hline \text { Bepinging raw materials inventory } & 15,000 \\\hline \text { Bepining wark in process inventory } & 32,000 \\\hline \text { Bepinging finished goods inventory } & 31,000 \\\hline \begin{array} { l } \text { Manufacturing overhead allocation rate (based an } \\\text { direct labor) }\end{array} & 125 \% \\\hline\end{array}$$
- The journal entry to transfer completed goods to the finished goods inventory account would include a:

• A)debit to work in process inventory for $226,750.
• B)debit to finished goods inventory for $227,875.
• C)credit to work in process inventory for $227,875.
• D)debit to finished goods for $226,750.

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Definitions:

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