If the Ending Balance in Raw Materials Inventory Is $3,500,$60,000

question 174

Multiple Choice

If the ending balance in Raw Materials Inventory is $3,500,$60,000 was purchased,and $61,500 was transferred to Work in Process Inventory during the period,what was the amount in beginning inventory?

• A)$1,500
• B)$2,000
• C)$3,500
• D)$5,000

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Definitions:

Average Revenue

The revenue received per unit of output sold.

Quantity Demanded

The amount of a product that consumers are willing and able to purchase at a given price.

Price

Price is the amount of money expected, required, or given in payment for something, reflecting the value of goods or services in monetary terms.

Motivational Concepts

Refers to the theories and principles that explain what drives and influences individuals to act and behave in certain ways.