Under which of the following situations is Finished Goods Inventory debited and Work-in-Process Inventory account credited?...
Under which of the following situations is Finished Goods Inventory debited and Work-in-Process Inventory account credited?
A.Purchase of goods on account
B.Transfer goods out of the factory
C.Transfer of material to Work-in-Process Inventory account
D.Transfer of goods to the finished goods storeroom
Homework Answers
Journal entry
| No | General Journal | Debit | Credit |
| Finished goods | XXX | ||
| Work in process | XXX | ||
Finished goods increase and work in process decrease.
So answer is d) Transfer of goods to the finished goods storeroom
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