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.

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Definitions:

Consumer Surplus

The difference between the maximum amount a consumer is willing to pay for a good or service and the actual amount they do pay.

Tax

A tax is a mandatory financial charge or some other type of levy imposed upon a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures.

Deadweight Loss

The economic efficiency is lessened when a good or service does not attain its equilibrium in the free market.

Tax

Compulsory financial charges imposed by a government on individuals and organizations to fund public expenditures.