Question

Ruddick Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year:
Cost of goods manufactured $ 1,486,000
Cost of goods sold (unadjusted) $ 1,337,000

The journal entry to record the transfer of completed goods from Work in Process to Finished Goods is ________.

Answer 1

Answer:

Given that,

Cost of goods manufactured = $1,486,000

Cost of goods sold (unadjusted) = $1,337,000

Therefore, the journal entry for the transfer of completed goods from WIP to Finished goods is as follows:

Finished Goods A/c        Dr. $1,486,000

To Work in process                                   $1,486,000

(Being transfer of completed goods from work in process to finished goods recorded)