During October, Kreitner Inc. transferred $73,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $76,000. The journal entries to record these transactions would include a:
A) credit to Work in Process of $73,000
B) credit to Cost of Goods Sold of $76,000
C) debit to Finished Goods of $76,000
D) credit to Finished Goods of $73,000

Question

Quizplus · Accepted Answer

The transfer from Work in Process to Finished Goods requires a credit to Work in Process for $73,000.