Author Question: Here is selected data for Lorelei Corporation:Cost of raw material purchased$75,000Cost of ... (Read 69 times)

Capo · **on:** Jan 4, 2020

Here is selected data for Lorelei Corporation:

Cost of raw material purchased	$75,000
Cost of requisitioned direct materials	41,000
Cost of requisitioned indirect materials	2,000
Direct labour	75,000
Manufacturing overhead incurred	95,000
Cost of goods completed	226,750
Cost of goods sold	138,000
Beginning raw materials inventory	15,000
Beginning work in process inventory	32,000
Beginning finished goods inventory	31,000
Manufacturing overhead allocation rate (based on direct labour)	125%

At Lorelei Corporation the journal entry to transfer completed goods to the finished goods inventory account would include a
◦ debit to finished goods inventory for $227,875.
◦ debit to work in process inventory for $226,750.
◦ credit to work in process inventory for $227,875.
◦ debit to finished goods for $226,750.

fatboyy09 · **Reply #1 on:** Jan 4, 2020

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