Inventory Balances for the James Enterprises in February Are as Follows

question 100

Multiple Choice

Inventory balances for the James Enterprises in February are as follows:
$\begin{array}{lrr}&\text { February } 1&\text { February } 28\\\text { Raw materials } & \$ 27,000 & \$ 21,000 \\\text { Work in process } & 48,000 & 37,200 \\\text { Finished goods } & 108,000 & 90,000\end{array}$ During February,purchases of direct materials were $36,000.Direct labour and factory overhead costs were $60,000 and $84,000,respectively.
-Refer to the figure.What is the cost of materials used in production?

• A)$36,000
• B)$42,000
• C)$47,800
• D)$54,000

Recognize the special accounting treatment for foreign currency translation adjustments and their effect on other comprehensive income.

Understand the equity method of accounting for investments and its application criteria.

Analyze and record the sale of stock investments including the calculation of gains or losses.

Identify the proper accounting treatment for dividends and interest received from investments.

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Definitions:

Average Price

The mean amount of money required for the purchase of a category of goods or services, calculated by summing all prices and dividing by the number of prices.

Cotton Sheet Sets

Bedding sets made entirely from cotton, known for their softness, breathability, and durability.

Consumer Group

A collection of individuals who share similar needs or characteristics and are considered together for marketing and research purposes.

Participants

Individuals or entities that take part in a study, experiment, or any form of research, contributing data or responses to the investigation.