The Following Information Has Been Provided by Crosby Corporation The Beginning Balance of Work-In-Process Inventory Account Was ________

question 45

Multiple Choice

The following information has been provided by Crosby Corporation: $\begin{array} { | l | l | } \hline \text { Direct Labor } & \$ 6000 \\\hline \text { Direct Materials Used } & 3000 \\\hline \text { Direct Materials Purchased } & 9000 \\\hline \text { Cost of Goods Manufactured } & 13,000 \\\hline \text { Ending Work-in-Process Inventory } & 1400 \\\hline \text { Corporate Headquarters' Property taxes } & 900 \\\hline \text { Manufacturing Overhead Incurred } & 400 \\\hline\end{array}$ The beginning balance of Work-in-Process Inventory account was ________.

• A) $4500
• B) $5000
• C) $21,000
• D) $9400

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Definitions:

Proportions

Ratios that compare the part of a whole to the whole itself, often expressed in terms of a fraction or percentage.

Chi-squared Goodness-of-fit Test

A statistical test used to determine whether observed frequencies differ significantly from expected frequencies specified by a theoretical distribution.

Rule of Five

An empirical rule suggesting that extreme observations in data, more than five standard deviations from the mean, are rare.

Expected Value

The long-term average value of a random variable over numerous trials.