Which One of the Following Should Be Equal to the Total

question 87

Multiple Choice

Which one of the following should be equal to the total of the Work in Process Inventory account at the end of the period?

• A)The total of the amounts transferred from raw materials for the current period
• B)The sum of the costs shown on the job cost sheets of unfinished jobs
• C)The total of manufacturing overhead applied to work in process for the period
• D)The total manufacturing costs for the period

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Definitions:

Cigarettes

Narrow cylindrical rolls of finely cut tobacco encased in paper, intended for smoking.

Supply Curve

A graphical representation that shows the relationship between the price of a good or service and the quantity of that good or service that suppliers are willing to offer for sale.

Perfectly Elastic

A situation in economics where the quantity demanded or supplied changes by an infinite amount in response to any change in price; horizontal demand or supply curve.

Elastic in the Long Run

Describes a situation where the quantity demanded or supplied of a good or service responds significantly to price changes over a longer period.