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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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Answer:

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.

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