Dazzle, Inc. produces beads for jewelry making use. The following information summarizes production operations for June. The journal entry to record June production activities for goods transferred from production to finished goods is: Direct materials used$87,000 Direct labor used 160,000 Predetermined overhead rate (based on direct labor) 155%Goods transferred to finished goods 432,000 Cost of goods sold 444,000 Credit sales 810,000
A. Debit Work in Process Inventory $444,000; credit Finished Goods Inventory $444,000.
B. Debit Finished Goods Inventory $432,000; credit Work in Process Inventory $432,000.
C. Debit Work in Process Inventory $432,000; credit Cash $432,000.
D. Debit Work in Process Inventory $432,000; credit Finished Goods Inventory $432,000.
E. Debit Finished Goods Inventory $444,000; credit Work in Process Inventory $444,000.
Answer: B
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