The cost of production of completed and finished goods during the period amounted to $400,000, and the finished products shipped to customers had total production costs of $337,000. From the following, select the entry to record the transfer of costs from finished goods to cost of goods sold.
I think it would be Dr Cost of Goods Sold $337,000 and Cr Finished Goods for $337,000, but would like a sanity check.
