At January 1, 2012, Feldstein Manufacturing Company Had a Beginning

question 129

Multiple Choice

At January 1, 2012, Feldstein Manufacturing Company had a beginning balance in Work in process of $80,000 and a beginning balance in Finished goods 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.
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What was the final balance in the Cost of goods sold account?

• A) $308,000 debit balance
• B) $332,000 debit balance
• C) $320,000 debit balance
• D) $12,000 credit balance

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Definitions:

Nash Equilibrium

A concept in game theory where each player's chosen strategy maximizes their payoff given the strategies chosen by other players, and no player can benefit by changing their strategy unilaterally.

Marginal Cost

The cost of producing one additional unit of a product or service.

Profit-Maximizing

A strategy or process aimed at increasing a company's profits to the highest possible level.

Marginal Cost

The increase in cost that arises from producing one additional unit of a good or service.