Answer the Following Questions Using the Information Below

question 123

Multiple Choice

Answer the following questions using the information below:
The Lumbar Chair Company manufacturers a standard recliner. During February, the firm's Assembly Department started production of 150,000 chairs. During the month, the firm completed 170,000 chairs and transferred them to the Finishing Department. The firm ended the month with 20,000 chairs in ending inventory. All direct materials costs are added at the beginning of the production cycle. Weighted-average costing is used by Lumbar.
-How many chairs were in inventory at the beginning of the month? Conversion costs are incurred uniformly over the production cycle.

• A)10,000 chairs
• B)20,000 chairs
• C)30,000 chairs
• D)40,000 chairs

---

Definitions:

American Founding

The historical period during which the original Thirteen Colonies declared independence from Britain and established the United States.

Declaration Of Independence

A historic document drafted by Thomas Jefferson, declaring the thirteen American colonies' independence from British rule in 1776.

Constitution

The fundamental principles or established precedents according to which a state or other organization is governed.

Economic Freedom

The fundamental right of every human to control his or her own labor and property, including the freedom to trade and to partake in markets.