At the Beginning of the Year,Swift,Inc

question 213

Multiple Choice

At the beginning of the year,Swift,Inc.'s Work-in-Process Inventory account had a balance of $124,000.During the year,$250,000 of direct materials were used in production,and $72,000 of direct labor costs were incurred.Manufacturing overhead amounted to $832,000.The cost of goods manufactured was $676,000.What is the balance in the Work-in-Process Inventory account on December 31?

• A) $1,154,000
• B) $1,352,000
• C) $676,000
• D) $602,000

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Definitions:

Initiative

The ability to assess and initiate things independently, often seen as a leadership quality, or in child development, the stage where a child begins to assert control and power over their environment.

Erik Erikson

A reiteration of Erik H. Erikson, emphasizing the psychologist renowned for his formulation of the eight stages of psychosocial development across the human lifespan.

Chauvinism

An irrational belief in the superiority or dominance of one's own group or gender, often manifesting as prejudice or bias.

Traditional Gender Roles

Socially and culturally defined prescriptions and beliefs about the behavior and emotions of men and women.