Wood Company Has Beginning Work in Process Inventory of $138000

question 206

Multiple Choice

Wood Company has beginning work in process inventory of $138000 and total manufacturing costs of $477000. If cost of goods manufactured is $480000 what is the cost of the ending work in process inventory?

• A) $120000.
• B) $141000.
• C) $150000.
• D) $135000.

---

Definitions:

Accounts Receivable

Funds that are due to a business from its clients for products or services already provided but not yet compensated for.

Double-Entry Bookkeeping System

Double-Entry Bookkeeping System is an accounting method where every entry to an account requires a corresponding and opposite entry to a different account, ensuring the books are always balanced.

Single-Entry System

An accounting method where each financial transaction is recorded with a single entry, making it less complex than double-entry systems.

Legible Printed Data

pertains to written or printed information that is clear enough to be easily read and understood.