Greer Company Developed the Following Data for the Current Year

question 65

Multiple Choice

Greer Company developed the following data for the current year: $\begin{array}{ll}\text { Beginning work in process inventory } & \$ 136,000 \\\text { Direct materials used } & 208,000 \\\text { Actual overhead } & 176,000 \\\text { Overhead applied } & 184,000 \\\text { Cost of goods manufactured } & 900,000 \\\text { Total manufacturing costs } & 856,000\end{array}$ How much is Greer Company's ending work in process inventory for the year?

• A) $92000
• B) $484000
• C) $84000
• D) $372000

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Definitions:

Miscellaneous Liabilities

A balance sheet item for obligations that do not fit into the standard categories of liabilities, often including various minor or irregular commitments.

Proportionately Adjusted Balance Sheet

A balance sheet method that adjusts the assets, liabilities, and equity based on a company's percentage ownership in other entities.

Contractual Agreement

A contractual agreement is a legally binding contract between two or more parties, outlining the terms and conditions of an arrangement.

Equity Method

An accounting technique used by firms to assess the profits earned by their investments in other companies.