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Here is some basic data for Callor Corporation: Beginning raw materials...

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Accounting

Here is some basic data for Callor Corporation:

Beginning raw materials inventory

$36,000

Beginning finished goods inventory

54,000

Cost of direct materials requisitioned

85,000

Actual manufacturing overhead

162,000

Cost of goods sold

260,000

Beginning work in process inventory

64,000

Cost of materials purchased

148,000

Direct labour incurred

135,000

Completed goods

295,000

Manufacturing overhead rate (% of direct labour)

125%

At Callor Corporation, the entry to record the cost of goods completed would include

Select one:

a. a credit to work in process inventory for $260,000.

b. a debit to work in process inventory for $260,000.

c. a credit to finished goods inventory for $295,000.

d. a debit to finished goods inventory for $295,000.

Please kindly explain the answer. Thank you

Answer & Explanation Solved by verified expert
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