Question

During March, XYZ Inc. transferred $50,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $56,000. The journal entries to record these transactions would include a:

Answer 1

Date Journal entries Debit Credit

Finished Goods $50,000

Work in Process $50,000

Cost of Goods Sold $56,000

Finished Goods $56,000