On January 1, 2014, Matthew Company's Work-In-Process Inventory Account Had

question 18

Multiple Choice

On January 1, 2014, Matthew Company's Work-in-Process Inventory account had a balance of $30,000. During 2014, $58,000 of direct materials was placed into production. Manufacturing wages incurred amounted to $84,000, of which $66,000 were for direct labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost. Actual manufacturing overhead was $90,000. Jobs costing $220,400 were completed during 2014. What is the December 31, 2014 balance of Work-in-Process Inventory?

• A)$16,800
• B)$34,800
• C)$6,000
• D)$12,800

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Definitions:

Operational Performance Indicator

Metrics or measurements used to assess the efficiency and effectiveness of a company's operations in achieving its objectives.

ISO14031

An international standard that provides guidelines for evaluating environmental performance through the use of environmental performance indicators.

Sustainability Perspective

Viewing decisions and practices through the lens of their long-term impact on environmental, economic, and social well-being.

Balanced Scorecard (BSC)

A strategic planning and management system that organizations use to communicate what they are trying to accomplish, align the day-to-day work that everyone is doing with strategy, and prioritize projects, products, and services.