The cost of production of completed and transferred goods during the period amounted to $540,000,and the finished products shipped to customers had total production costs of $375,000.The entry to record the transfer of costs from work in process to finished goods is

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Quizplus · Accepted Answer

The correct entry to record the transfer of costs from work in process to finished goods is to debit Finished Goods for the total cost of production completed and transferred during the period ($540,000) and credit Work in Process for the same amount. This reflects the movement of goods from being in process to being finished.

The Cost of Production of Completed and Transferred Goods During