Exercise 3-24 Recording cost of completed goods LO P4 Prepare journal entries to record the following production activities. Transferred completed goods from the Assembly department to finished goods inventory. The goods cost $135,600. Sold $315,000 of goods on credit. Their cost is $175,000.

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Business

Jaylyn Sanford

18 March, 11:05

Exercise 3-24 Recording cost of completed goods LO P4 Prepare journal entries to record the following production activities. Transferred completed goods from the Assembly department to finished goods inventory. The goods cost $135,600. Sold $315,000 of goods on credit. Their cost is $175,000.

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Juliet Aguirre · Answer 1

Sr. No Particulars Debit Credit

1 Finished Goods $135,600

Work In Process - Assembly department $135,600

Transferred completed goods from the Assembly department to finished goods inventory. The goods cost $135,600.

2 Account Receivable $315,000

Sales $315,000

Cost Of Goods Sold $ 175,000

Merchandise Inventory $ 175,000

Sold $315,000 of goods on credit. Their cost is $175,000.