The Accountant for Whirly Manufacturing Inc The Beginning Inventory Was 60% Complete for Materials and 20

question 43

Multiple Choice

The accountant for Whirly Manufacturing Inc. gathered the following information for the month of November: $$\begin{array} { l c } \text { Beginning WIP } & 16,000 \text { units } \\\text { Started production } & 100,000 \\\text { Completed production } & 92,000 \\\text { Ending WIP } & 24,000\end{array}$$ The beginning inventory was 60% complete for materials and 20% complete for conversion costs. The ending inventory was 90% complete for materials and 40% complete for conversion costs.
Costs pertaining to the month of November are as follows:
Beginning inventory costs are: $$\begin{array} { l r } \text { Materials } & \$ 54,560 \\\text { Direct labour } & 20,320 \\\text { Factory overhead } & 15,240 \\\text { Costs incurred during November include: } \\\text { Materials } & \$ 468,000 \\\text { Direct labour } & 182,880 \\\text { Factory overhead } & 391,160\end{array}$$
Using the FIFO method, the total cost of units in the ending work in process inventory on November 30 is:

• A) $153,168
• B) $154,800
• C) $155,328
• D) $156,960

Acknowledge the significance of water in the generation of magma in subduction zones and other geological processes.

Understand the concept of synergy and its types in business.

Grasp the principles of strategic management and its role in aligning an organization with its environment.

Identify and explain the various perspectives and modes of strategic thinking in a global economy.

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Definitions:

Accrued Receivables

Amounts owed to a business for goods or services delivered but not yet paid by the end of an accounting period.

Income Summary Account

An account used in closing to collect revenues and expenses, the balance of which shows the net income or loss for the period.

Debit Balance

A debit balance is an accounting entry that occurs on the left side of the ledger and indicates the amount of money owed or an increase in assets or expenses.

Net Income

The total profit of a company after all expenses and taxes have been deducted from revenues, indicating the company's profitability.