At the Beginning of 2015, Conway Manufacturing Had the Following

question 18

Multiple Choice

At the beginning of 2015, Conway Manufacturing had the following account balances: Following additional details are provided for the year:
$$\begin{array} { | l | l | } \hline \text { Direct materials placed in production } & \$ 80,000 \\\hline \text { Direct labor incurred } & 190,000 \\\hline \text { Manufacturing overhead incurred } & 300,000 \\\hline \text { Manufacturing overhead allocated to production } & 295,000 \\\hline \text { Cost of jobs completed and transferred } & 500,000 \\\hline\end{array}$$
-Refer to the tables above,The ending balance in the Finished Goods Inventory account is a:

• A) debit of $508,000.
• B) debit of $500,000.
• C) debit of $573,000.
• D) debit of $65,000.

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Definitions:

Parallelogram

A four-sided figure with opposite sides parallel and equal in length.

Rhombus

A four-sided shape where all sides have equal length, but unlike a square, the angles are not necessarily 90 degrees.

Jointly Exhaustive

A term describing a set of options or possibilities that covers all potential outcomes or conditions without overlap.

Mutually Exclusive

Two or more events that cannot happen at the same time; if one occurs, the other cannot.