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Author Question: Here is some basic data for Callor Corporation:Beginning raw materials inventory$36,000 Beginning ... (Read 68 times)

karen

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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%


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.


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Marked as best answer by karen on Jan 4, 2020

jliusyl

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karen

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Reply 2 on: Jan 4, 2020
:D TYSM


amit

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

 

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