Answered Essay: Verrett Corporation is a manufacturer that uses job-order costing. The company

Verrett Corporation is a manufacturer that uses job-order costing. The company has supplied the following data for the just completed year:

Raw materials purchased on account $ 475,000
Raw materials (all direct) requisitioned for use in production $ 476,000
Direct labor cost $ 640,000
Manufacturing overhead:
Indirect labor cost $ 174,000
Other manufacturing overhead costs incurred $ 498,000
Cost of goods manufactured $ 1,469,000
Cost of goods sold (unadjusted) $ 1,430,000

The journal entry to record the unadjusted Cost of Goods Sold is:

Multiple Choice

Finished Goods 1,430,000
Cost of Goods Sold 1,430,000
Finished Goods 1,469,000
Cost of Goods Sold 1,469,000
Cost of Goods Sold 1,469,000
Finished Goods 1,469,000
Cost of Goods Sold 1,430,000
Finished Goods 1,430,000

Expert Answer


Journal entry is

Cost of Goods Sold1,430,000 ——

Finished Goods —————-1,430,000

So the option is D.

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