The Work-In-Process Inventory of the Model Fabricating Corp

question 41

Multiple Choice

The Work-in-Process Inventory of the Model Fabricating Corp. was $3,000 higher on December 31, 2019 than it was on January 1, 2019. This implies that in 2019:

• A) cost of goods manufactured was higher than cost of goods sold.
• B) cost of goods manufactured was less than total manufacturing costs.
• C) manufacturing costs were higher than cost of goods sold.
• D) manufacturing costs were less than cost of goods manufactured.

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Definitions:

Specific

Clearly defined or identified; precise or particular in nature.

Measurable

Capable of being quantified or subjected to measurement, often used to determine the effectiveness or impact of certain actions.

Realistic

Something that is plausible and in line with reality, often referring to expectations or portrayals that are achievable or accurate.

Marketing Objectives

Specific, measurable goals set by a company to guide its marketing strategy and drive its efforts towards achieving business targets.