Mueller Company Reported the Following Data for the Year Just

question 17

Multiple Choice

Mueller Company reported the following data for the year just ended: $\begin{array}{lr}\text { Raw materials used in production } & \$ 800,000 \\\text { Direct labour } & \$ 700,000 \\\text { Total overhead costs } & \$ 900,000 \\\text { Ending work in process inventory } & \$ 400,000 \\\text { Cost of goods manufactured } & \$ 2,500,000\end{array}$ The beginning work in process inventory was:

• A)$500,000.
• B)$1,300,000.
• C)$100,000.
• D)$300,000.

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Definitions:

IAS 41

An International Accounting Standard that provides the accounting treatment for agricultural activity, including the recognition and measurement of biological assets and agricultural produce.

Fair Value

The price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

IAS 16

International Accounting Standard 16, prescribing the accounting treatment for property, plant, and equipment including the recognition of assets, determination of their carrying amounts, and the depreciation charges and impairment losses to be recognized.

Heifers

Young female cows that have not borne a calf, often raised for beef production or future breeding.