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Luker Corporation uses a process costing system. The company had $177,500 of beginning Finished Goods...

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Accounting

Luker Corporation uses a process costing system. The company had $177,500 of beginning Finished Goods Inventory on October 1. It transferred in $854,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $175,200. The entry to account for the cost of goods sold in October is:

Multiple Choice

Debit Cost of Goods Sold $854,000; credit Finished Goods Inventory $854,000.

Debit Cost of Goods Sold $856,300; credit Work in Process Inventory $856,300.

Debit Finished Goods Inventory $854,000; credit Work in Process Inventory $854,000.

Debit Finished Goods Inventory $175,200; credit Cost of Goods Sold $175,200.

Debit Cost of Goods Sold $856,300; credit Finished Goods Inventory $856,300.

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