In both job and process costing, the journal entry to record completed goods is.
A) debit work in process and credit manufacturing overhead.
B) credit finished goods inventory and debit cost of goods sold.
C) debit finished goods inventory and credit work in process.
D) debit work in process inventory and credit finished goods inventory.

Question

Quizplus · Accepted Answer

The correct journal entry to record completed goods moving from production to finished goods inventory is to debit (increase) Finished Goods Inventory and credit (decrease) Work in Process Inventory, reflecting the transfer of costs from one stage of production to the next.

In Both Job and Process Costing, the Journal Entry to Record