IPOD CORPORATION IPOD Corporation's End-Of-Year Balance Sheet Consisted of the Following Amounts

question 96

Multiple Choice

IPOD CORPORATION
IPOD Corporation's end-of-year balance sheet consisted of the following amounts.

-Refer to the information provided for IPOD Corporation. What amount should IPOD report on its balance sheet for total assets?

• A) $2,000,000
• B) $2,550,000
• C) $2,100,000
• D) $1,900,000

---

Definitions:

Job Cost Sheets

Detailed records used in cost accounting to accumulate all costs associated with a specific job or project.

Work In Process

Inventory items that are in the process of being produced but are not yet complete.

Subsidiary Ledger

A detailed ledger containing individual accounts with a common characteristic, linked to a summary account in the general ledger.

Materials Ledger

A detailed record tracking the quantity and cost of materials on hand.