The Following Account Balances at the Beginning of January Were

question 70

Multiple Choice

The following account balances at the beginning of January were selected from the general ledger of Fresh Bagel Manufacturing Company: Additional data:
1) Actual manufacturing overhead for January amounted to $66,100.
2) Total direct labor cost for January was $64,000.
3) The predetermined manufacturing overhead rate is based on direct labor cost. The budget for the year called for $248,000 of direct labor cost and $322,400 of manufacturing overhead costs.
4) The only job unfinished on January 31 was Job No. 151, for which total direct labor charges were $5600 (1600 direct labor hours) and total direct material charges were $14,400.
5) Cost of direct materials placed in production during January totaled $124,000. There were no indirect material requisitions during January.
6) January 31 balance in raw materials inventory was $35,400.
7) Finished goods inventory balance on January 31 was $35,200.
What is the work in process inventory balance on January 31?

• A)$7280
• B)$69,231
• C)$27,280
• D)$98,031

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Definitions:

Poverty

A state or condition in which a person or community lacks the financial resources and essentials for a minimum standard of living.

Income Gap

The disparity in the distribution of income within a population, typically between different socio-economic groups.

Neoliberalism

An economic and political ideology that emphasizes free-market capitalism, deregulation, and a reduction in government spending on social services.

Industrialization

The process by which an economy is transformed from primarily agricultural to one based on the manufacturing of goods, involving an increase in production, technological innovation, and infrastructure.