Greer Company Developed the Following Data for the Current Year

question 34

Multiple Choice

Greer Company developed the following data for the current year: $\begin{array}{ll}\text { Beginning work in process inventory } & \$ 102,000 \\\text { Direct materials used } & 156,000 \\\text { Actual overhead } & 132,000 \\\text { Overhead applied } & 138,000 \\\text { Cost of goods manufactured } & 675,000 \\\text { Total manufacturing costs } & 642,000\end{array}$
- How much is Greer Company's ending work in process inventory for the year?

• A)$69,000
• B)$363,000
• C)$63,000
• D)$279,000

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Definitions:

Market Value

The immediate cost for transactions involving assets or services within a marketplace.

Book Value

The value of an asset according to its balance sheet account balance, calculated by subtracting any related depreciation or amortization from its original cost.

Capital Balance

The amount of money that partners or shareholders have invested in a business, not including profits and losses.

Income-Sharing Ratio

The ratio used by partnerships to distribute profits and losses among partners according to their agreement.