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Problem 1: The cost of production of completed and transferred goods during the period amounted to $540,000, and the finished products shipped to customers had total production costs of $375,000. The journal entry to record the transfer of costs from work in process to finished goods is
a. Work in Process540,000 Finished Goods540,000b. Finished Goods375,000 Work in Process375,000c. Work in Process375,000 Finished Goods375,000d. Finished Goods540,000 Work in Process540,000
Financial Statement Analysis and Preparation
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