Which of the following journal entries is correct to account for the cost of goods completed at the end of a period?
A) Debit Work-in-Process Inventory and credit Finished Goods Inventory
B) Debit Cost of Goods Sold and credit Finished Goods Inventory
C) Debit Finished Goods Inventory and credit Work-in-Process Inventory
D) Debit Finished Goods Inventory and credit Sales

Question

Quizplus · Accepted Answer

When goods are completed, the cost is transferred from Work-in-Process Inventory to Finished Goods Inventory, so you debit Finished Goods Inventory and credit Work-in-Process Inventory.

Which of the Following Journal Entries Is Correct to Account