Winnie,Inc

question 98

Multiple Choice

Winnie,Inc.has two processes-Coloring Department and Mixing Department.The company assigned $390,000 to the 6,000 gallons of paint transferred from Mixing Department to Finished Goods Inventory.The journal entry to record completion of processing is ________.

• A)debit Work-in-Process Inventory-Mixing,$390,000; credit Finished Goods Inventory,$390,000
• B)debit Finished Goods Inventory,$390,000; credit Cost of Goods Sold,$390,000
• C)debit Cost of Goods Sold,$390,000; credit Finished Goods Inventory,$390,000
• D)debit Finished Goods Inventory,$390,000; credit Work-in-Process Inventory-Mixing,$390,000

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Definitions:

Raw Materials

Basic substances in their natural, modified, or semi-processed states, used as inputs in manufacturing or production.

Production Supervisor

A professional responsible for overseeing the daily operations of manufacturing processes, ensuring that production goals are met efficiently and safely.

General Factory Use

This term pertains to overhead costs associated with the running of a factory that are not directly tied to specific production units but rather support general operations.

Job Order Cost System

An accounting system that accumulates costs by individual jobs or batches and is used when products or services are distinctly custom.