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Author Question: Here is some basic data for Callor Corporation:Beginning raw materials inventory$36,000 Beginning ... (Read 117 times)

WhattoUnderstand

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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 purchased148,000
Cost of direct materials requisitioned    85,000 Direct labour incurred  135,000
Actual manufacturing overhead  162,000 Completed goods295,000
Cost of goods sold260,000 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.
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Marked as best answer by WhattoUnderstand on Jan 4, 2020

KKcool

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Reply #1 on: Jan 4, 2020
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WhattoUnderstand

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Reply 2 on: Jan 4, 2020
Wow, this really help

DylanD1323

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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