At January 1, 2015, Feldstein Manufacturing Had a Beginning Balance

question 110

Multiple Choice

At January 1, 2015, Feldstein Manufacturing had a beginning balance in Work-in-Process Inventory of $80,000 and a beginning balance in Finished Goods Inventory of $20,000. During the year, Feldstein incurred manufacturing costs of $350,000. During the year, the following transactions occurred:
Job A-12, was completed for a total cost of $120,000, and was sold for $125,000.
Job A-13, was completed for a total cost of $200,000, and was sold for $210,000.
Job A-15, was completed for a total cost $60,000, but was not sold as of year-end.
The Manufacturing Overhead account had an unadjusted credit balance of $12,000, and was cleared to zero at year-end.
What was the amount of gross profit reported by Feldstein at the end of the year?

• A)$2,000
• B)$27,000
• C)$3,000
• D)$15,000

---

Definitions:

Project Planning Tools

Software or methodologies used to organize, schedule, and manage tasks and resources for a project.

Tasks Identification

Tasks identification involves determining and outlining the specific tasks or jobs that need to be completed as part of a project or role.

Desktop Publishing Programs

Computer applications that provide users the capability to create and design print materials like brochures and newsletters.

Microsoft Publisher

A desktop publishing application from Microsoft, used for designing brochures, labels, calendars, greeting cards, and other printable documents.