A Firm Had the Following Balances at the End of the Period

question 72

Multiple Choice

A firm had the following balances at the end of the period: $$\begin{array} { l r } \text { Work in process } & \$ 400 \\\text { Finished goods } & 600 \\\text { Cost of goods sold } & 1,000 \\\text { Overapplied overhead } & 400\end{array}$$ It was determined that the overapplied overhead should be treated as immaterial. After any adjustments for overapplied overhead are made, the balance of work in process would be:

• A) $320
• B) $400
• C) $480
• D) $534

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Definitions:

Alpha or Numeric

Pertaining to systems or sequences that consist of letters (alpha) and/or numbers (numeric).

ICD-10-CM

The International Classification of Diseases, Tenth Revision, Clinical Modification; a system used by healthcare providers to classify and code all diagnoses, symptoms, and procedures recorded in conjunction with hospital care in the United States.

ICD-10-PCS

The International Classification of Diseases, Tenth Revision, Procedure Coding System; a system used by healthcare providers to classify and code all diagnoses, symptoms, and procedures recorded in conjunction with hospital care in the U.S.

More Than 68,000 Codes

Referring to the extensive number of diagnostic codes in the ICD-10 CM (International Classification of Diseases, 10th Revision, Clinical Modification).