Molina Company Has Beginning and Ending Work in Process Inventories

question 106

Multiple Choice

Molina Company has beginning and ending work in process inventories of $130,000 and $145,000 respectively. If total manufacturing costs are $620,000, what is the total cost of goods manufactured?

• A) $750,000.
• B) $765,000.
• C) $605,000.
• D) $635,000.

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Definitions:

Durable Goods

Products that are intended to last for a considerable length of time (over three years), such as appliances, vehicles, and furniture.

Nondurable Goods

Products that are consumed or have a useful life shorter than three years, such as food, beverages, and paper products.

Economic Value

The worth or usefulness of a good or service determined by its ability to fulfill consumer needs and preferences.

Retailer Branding

The practice of building a distinct identity and image for a retail store or chain, differentiating it from competitors and appealing to a target consumer market.