Which of the Following Journal Entries Correctly Represents the Transfer $\begin{array} { l } \text { Finished Goods}&503,100 \\ \text {Work in Process }&503,100 \\\end{array}$

question 32

Multiple Choice

Which of the following journal entries correctly represents the transfer of completed goods begun during February using the FIFO method of process costing?

• A)\(\begin{array} { l }
• \text { Finished Goods}&503,100 \\ \text {Work in Process }&503,100 \\
• \end{array}\)
• B)\(\begin{array} { l }
• \text {Loss from Spoilage }&37,440 \\ \text { Finished Goods }&37,440 \\
• \end{array}\)
• C)\(\begin{array} { l }
• \text { Finished Goods}& 922,410\\ \text {Work in Process }&922,410 \\
• \end{array}\)
• D) \(\begin{array} { l }
• \text { Finished Goods}&398,250 \\ \text {Work in Process }&398,250 \\
• \end{array}\)

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Definitions:

Peat Bog

A type of wetland terrain formed from partially decayed vegetation, known for its unique ecosystems and carbon storage capabilities.

Corporations

Legal entities that are separate from their owners, providing limited liability protection, and able to enter into contracts, sue, and be sued.

Shares

Units of ownership interest in a corporation or financial asset that provide for an equal distribution in any profits, if any are declared, in the form of dividends.

Directors

Directors are individuals elected by the shareholders of a corporation to oversee and direct the corporation's affairs and make significant business decisions.