Gulliver, Inc., which uses a process-costing system, transfers completed production from Department no. 1 to Department no. 2 for further work. Which of the following best describes the account that would be debited to record this transfer? a. Work-in-Process Inventory: Department no. 1. b. Cost of Goods Transferred. c. Finished-Goods Inventory: Department no. 1. d. Work-in-Process Inventory: Department no. 2. e. Finished-Goods Inventory: Department no. 2.

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

Explanation:

The profuct is Transferred from Department 1 to Department 2. The cost in in the work in process of Department 1 which will be trasnferred to next department.

Following Journal entries will be recorded for this event.

                                                                                   Dr.       Cr.

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

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

urban company reports the following information regarding its production cost: units produced 37,000 units direct labor $ 30 per unit direct materials $ 35 per unit variable overhead $ 237,000 in total fixed overhead $ 127,000 in total

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