Question

During March, Zea Inc. transferred $67,000 from Work in Process to Finished Goods and recorded a Cost of Goods Sold of $73,000. The journal entries to record these transactions would include a:

Answer 1

Credit to Work in process of $67,000

Step-by-step explanation:

Preparation of the ournal entries to record the transactions

Since we were told Zea Inc. transferred the amount of $67,000 from Work in Process to Finished Goods this means the transaction will be recorded as:

Dr Finished Goods 67,000

Cr Work in Process 67,000

Since we were told that Zea Inc. transferred recorded a Cost of Goods Sold for the amount of $73,000 this means that the transaction will be recorded as:

Dr Cost of Goods Sold 73,000

Cr Finished Goods 73,000