At the Beginning of 2012, Conway Manufacturing Company Had the Following

question 126

Multiple Choice

At the beginning of 2012, Conway Manufacturing Company had the following account balances: During the year, the following transactions took place:
$$\begin{array} { l r } \text { Direct materials placed in production: } & \$ 80,000 \\\text { Direct labor incurred: } & \$ 190,000 \\\text { Manufacturing overhead incurred } & \$ 300,000 \\\text { Manufacturing overhead allocated to production: } & \$ 295,000 \\\text { Jobs completed with cost of : } & \$ 500,000 \\\text { Jobs sold for total revenue of : } & \$ 750,000 \\\text { Jobs sold with cost of: } & \$ 440,000\end{array}$$ Remaining balance of Manufacturing overhead cleared to zero
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After recording all these transactions, the ending balance in the Finished goods account is a:

• A) credit of $52,000.
• B) debit of $60,000.
• C) credit of $432,000.
• D) debit of $68,000.

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Definitions:

Subjective Measures

Evaluation tools based on personal opinions, interpretations, points of view, or judgments rather than objective data.

Salespeople

Individuals who are employed to sell products and services to customers, often directly interacting with them to facilitate sales.

Quantitative

Refers to a research method that focuses on obtaining data through empirical observations and statistical, mathematical, or numerical analysis.

Salespeople

Salespeople are individuals who promote and sell products or services to customers, often as representatives of a company.