During March, Zea Incorporated transferred $55,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $61,000. The journal entries to record these transactions would include a:
A) credit to Cost of Goods Sold of $61,000.
B) debit to Finished Goods of $61,000.
C) credit to Work in Process of $55,000.
D) credit to Finished Goods of $55,000.

Question

Quizplus · Accepted Answer

The transfer from Work in Process to Finished Goods is recorded by crediting Work in Process for $55,000.

During March, Zea Incorporated Transferred $55,000 from Work in Process