The Following Information Appears on the Statement of Cost of Goods

question 22

Multiple Choice

The following information appears on the Statement of Cost of Goods Manufactured for the Coleman Company at the end of the year.
$\begin{array}{lr}\text { Raw Materials Used } & \$ 50,000 \\\text { Manufacturing Overhead } & 60,000 \\\text { Total Manufacturing Costs } & 181,000 \\\text { Work in Process Inventory, January 1 } & 13,500 \\\text { Cost of Goods Manufactured } & 145,000\end{array}$
The balance in Work in Process Inventory at year-end is:

• A)$10,000.
• B)$22,500.
• C)$49,500.
• D)$26,000.

---

Definitions:

Voidable

A term applied to a contract that one or both parties have the ability to either withdraw from or enforce.

Good Title

A legal term indicating that a property title is valid and free of any liens or other encumbrances that might hinder its sale or use.

Fair Market Value

The price at which property would sell on the open market between a willing buyer and a willing seller, each having reasonable knowledge of the relevant facts.

Recourse

Recourse refers to the legal right to demand compensation or payment from an individual or entity responsible for a loss, debt, or other obligation.