The Following Information Has Been Provided by Crosby Corporation The Beginning Balance of Work-In-Process Inventory Account Was ________

question 105

Multiple Choice

The following information has been provided by Crosby Corporation: $$\begin{array} { | l | r | } \hline \text { Direct Labor } & \$ 6000 \\\hline \text { Direct Materials Used } & 3000 \\\hline \text { Direct Materials Purchased } & 9000 \\\hline \text { Cost of Goods Manufactured } & 13,000 \\\hline \text { Ending Work-in-Process Inventory } & 1400 \\\hline \text { Corporate Headquarters' Property taxes } & 900 \\\hline \text { Manufacturing Overhead Incurred } & 400 \\\hline\end{array}$$ The beginning balance of Work-in-Process Inventory account was ________.

• A)$4500
• B)$5000
• C)$21,000
• D)$9400

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Definitions:

Average Rate of Return on Investment

An investment's return expressed as an annualized percentage, calculating how much an investment has gained compared to its initial cost.

Compound Interest

The interest calculated on the initial principal, which also includes all of the accumulated interest of previous periods of a deposit or loan.

Average Rate of Return

The ratio of the average annual profit earned through an investment to the original investment, expressed as a percentage.

Total Income

The sum of all earnings or revenues a person or company generates before any deductions.