Homework Answers
Answer: As a credit to work in process and as a debit to finished goods
Explanation:
Journal Entry for the cost of goods manufactured would be ,
| Account title and explanation | Debit | Credit |
| Finished goods inventory | Amount | |
| Work In process inventory | Amount | |
| [To record cost of goods manufactured transferred to finished goods] |
Therefore,
the cot of goods manufactured can be found As a credit to work in process and as a debit to finished goods
Thus, Option-iii is correct and remaining options are incorrect.
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