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Hamilton, which uses a process-costing system, had a balance in its Work-in-Process account of $68,000 on January 1. The account was charged with direct materials, direct labor, and manufacturing overhead of $450,000 throughout the year. If a review of the accounting records determined that $86,000 of goods were still in production at year-end, Hamilton should make a journal entry on December 31 that includes:

Work-in-Process Inventory: Department no. 2.

Finished-Goods Inventory: Department no. 1.
Finished-Goods Inventory: Department no. 2.

Cost of Goods Transferred.

Work-in-Process Inventory: Department no. 1.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M961720

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