Winnie,Inc

question 156

Multiple Choice

Winnie,Inc.has two processes-Coloring Department and Mixing Department.The company assigned $300,000 to the 3,500 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, $300,000; credit Finished Goods Inventory, $300,000
• B) debit Finished Goods Inventory, $300,000; credit Cost of Goods Sold, $300,000
• C) debit Cost of Goods Sold, $300,000; credit Finished Goods Inventory, $300,000
• D) debit Finished Goods Inventory, $300,000; credit Work-in-Process Inventory-Mixing, $300,000