Author Question: Here is some basic data for Callor Corporation:Beginning raw materials inventory$36,000 Beginning ... (Read 62 times)

WhattoUnderstand · **on:** Jan 4, 2020

Here is some basic data for Callor Corporation:

Beginning raw materials inventory	$36,000	Beginning work in process inventory	64,000
Beginning finished goods inventory	54,000	Cost of materials purchased	148,000
Cost of direct materials requisitioned	85,000	Direct labour incurred	135,000
Actual manufacturing overhead	162,000	Completed goods	295,000
Cost of goods sold	260,000	Manufacturing overhead rate (% of direct labour)	125%

The entry at Callor Corporation to record the cost of goods completed would include a
◦ debit to work in process inventory for $260,000.
◦ debit to finished goods inventory for $295,000.
◦ credit to work in process inventory for $260,000.
◦ credit to finished goods inventory for $295,000.

KKcool · **Reply #1 on:** Jan 4, 2020

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