On January 1,Feldstein Manufacturing Had a Beginning Balance in Work-In-Process

question 27

Multiple Choice

On January 1,Feldstein Manufacturing had a beginning balance in Work-in-Process Inventory of $81,100 and a beginning balance in Finished Goods Inventory of $22,000.During the year,Feldstein incurred manufacturing costs of $351,000. During the year,the following transactions occurred:
Job A-12 was completed for a total cost of $121,100 and was sold for $126,700.
Job A-13 was completed for a total cost of $201,800 and was sold for $211,000.
Job A-15 was completed for a total cost $60,000 but was not sold as of year-end.
What was the balance in Finished Goods Inventory at the end of the year?

• A) $404,900 debit balance
• B) $82,000 credit balance
• C) $82,000 debit balance
• D) $382,900 debit balance

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Definitions:

Long-Term Liabilities

Financial obligations of a company due beyond one year.

Return

In finance, it refers to the profit or loss derived from an investment over a certain period of time, expressed as a percentage of the initial investment.

Total Assets

The sum of all current and non-current assets owned by a company, providing a comprehensive view of its financial health.

Accounts Receivable Turnover

A financial ratio that measures how efficiently a company collects revenue from its credit customers by comparing net credit sales to average accounts receivable.