At the Beginning of 2015, Swift Company's Work-In-Process Inventory Account

question 32

Multiple Choice

At the beginning of 2015, Swift Company's Work-in-Process Inventory account had a balance of $120,000. During 2015, $250,000 of direct materials were used in production, and $75,000 of direct labor costs were incurred. Manufacturing overhead amounted to $850,000. The cost of goods manufactured was $675,000. What is the balance in the Work-in-Process Inventory account on December 31, 2015?

• A)$230,000
• B)$1,295,000
• C)$675,000
• D)$620,000

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Definitions:

Statistical Analysis

The process of collecting, examining, interpreting, and presenting numerical data to discover underlying patterns and trends.

Correlation Coefficient

A statistical measure that indicates the extent to which two or more variables fluctuate together, demonstrating the strength and direction of their relationship.

Validity Assessment

The process of evaluating the extent to which a test or measurement accurately reflects or assesses the specific concept it is intended to measure.

Independent Variable

In research, a variable that is manipulated or changed by the researcher to determine its effect on another variable, called the dependent variable.