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Luker Corporation uses a process costing system. The company had $168,500 of beginning Finished Goods...

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Accounting

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Luker Corporation uses a process costing system. The company had $168,500 of beginning Finished Goods Inventory on October 1. Luker completed and transferred to finished goods a total of $845,000. The ending Finished Goods Inventory balance on October 31 was $166,200. The entry to account for the cost of goods manufactured during October is: Debit Cost of Goods Sold $845,000, credit Finished Goods Inventory $845,000 Debit Cost of Goods Sold $847.300, credit Work in Process Inventory $847,300 Debit Finished Goods Inventory $845.000, credit Work in Process Inventory $845,000 Debit Finished Goods Inventory $166.200: credit Cost of Goods Sold $166.200 Debit Cost of Goods Sold $847.300, credit Finished Goods Inventory $847,300

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