Author Question: Here is some basic data for Callor Corporation:Beginning raw materials inventory$36,000 Beginning ... (Read 37 times)

karen · **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%

At Callor Corporation the entry to record the cost of goods sold would include a
◦ debit to cost of goods sold for $295,000.
◦ credit to finished goods inventory for $295,000.
◦ credit to finished goods inventory for $260,000.
◦ credit to cost of goods sold for $260,000.

jliusyl · **Reply #1 on:** Jan 4, 2020

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