On January 1, 2015, Frederic Manufacturing Had a Beginning Balance

question 117

Multiple Choice

On January 1, 2015, Frederic Manufacturing had a beginning balance in Work-in-Process Inventory of $160,000 and a beginning balance in Finished Goods Inventory of $20,000. During the year, Frederic incurred manufacturing costs of $200,000. During the year, the following transactions occurred:
Job C-62 was completed for a total cost of $140,000 and was sold for $155,000.
Job C-63 was completed for a total cost of $180,000 and was sold for $210,000.
Job C-64 was completed for a total cost $80,000 but was not sold as of year-end.
The Manufacturing Overhead account had an unadjusted credit balance of $24,000, and was cleared to zero at year-end.
What was the final balance in the Cost of Goods Sold account?

• A)$296,000 debit balance
• B)$341,000 debit balance
• C)$341,000 credit balance
• D)$296,000 credit balance

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Definitions:

Location, Location, Location

A phrase emphasizing the importance of geographical location in business success, particularly in real estate.

Convenience

The state of being able to proceed with something with little effort or difficulty, often considered in the design of products or services.

Price

The value that is put to a product or service and is the result of a complex set of calculations, research, understanding, and risk-taking ability.

Omnichannel Price Differences

Variations in pricing for the same product across different channels, such as online, in-store, or through mobile platforms, as part of a retail strategy.