Use the information below to answer the following question(s).
Here is selected data for Lorelei Corporation:

-At Lorelei Corporation the journal entry to transfer completed goods to the finished goods inventory account would include a

Question

Use the information below to answer the following question(s).
Here is selected data for Lorelei Corporation:
 
-At Lorelei Corporation the journal entry to transfer completed goods to the finished goods inventory account would include a

Quizplus · Accepted Answer

The journal entry to transfer completed goods to the finished goods inventory account includes a debit to Finished Goods Inventory. The amount debited should be the cost of completed goods, which in this case is $226,750. Therefore, the correct answer is D, debit to Finished Goods Inventory for $226,750.

Use the Information Below to Answer the Following Question(s)