The Following Information Has Been Provided by New Age,Inc Calculate the Beginning Balance of the Work-In-Process Inventory Account

question 218

Multiple Choice

The following information has been provided by New Age,Inc.: $$\begin{array} { | l | r | } \hline \text { Direct Labor } & \$ 25,100 \\\hline \text { Direct Materials Used } & 11,000 \\\hline \text { Direct Materials Purchased } & 16,710 \\\hline \text { Cost of Goods Manufactured } & 49,000 \\\hline \text { Ending Work-in-Process Inventory } & 11,200 \\\hline \text { Corporate Headquarters' Property Taxes } & 1500 \\\hline \text { Manufacturing Overhead } & 19,350 \\\hline\end{array}$$ Calculate the beginning balance of the Work-in-Process Inventory account.

• A)$93,250
• B)$60,200
• C)$4750
• D)$44,250

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Definitions:

Diagram

A simplified drawing showing the appearance, structure, or workings of something, often used for explanation purposes.

Economic Profit

The remaining profit once every cost, including those that are explicit and those that are implicit, is deducted from the total revenue.

Market Price

The current price at which a good or service can be bought or sold in a marketplace, determined by the forces of supply and demand.

Units

Basic quantities or measurements, such as liters, meters, or kilograms, used to specify magnitudes of physical quantities.