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The following cost data pertains to GHI Inc. for December 31st, 2019:
| Beginning Work-in-Process: | $10,000 |
| Ending Work-in-Process: | $5,000 |
| Direct Materials Used: | $20,000 |
| Direct Costs Incurred in Production: | $30,000 |
| Actual Indirect costs incurred in Production: | $40,000 |
| Beginning Finished Goods Inventories: | $40,000 |
| Ending Finished Goods Inventories: | $20,000 |
| Sales: | $190,000 |
| Selling and Administrative Expenses: | $40,000 |
The dollar value of production transferred to finished goods inventory during the period was:
Multiple Choice
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$60,000
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$75,000
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$80,000
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$70,000
Answer & Explanation
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