Solved

At the Beginning of the Year, Conway Manufacturing Had the Following

question 168

Multiple Choice

At the beginning of the year, Conway Manufacturing had the following account balances: $At the beginning of the year, Conway Manufacturing had the following account balances: The following additional details are provided for the year: \begin{array} { | l | r | } \hline \text { irect materials placed in production } & \$ 82,000 \\ \hline \text { Direct labor incurred } & 191,400 \\ \hline \text { Manufacturing overhead incurred } & 302,000 \\ \hline \begin{array} { l } \text { Manufacturing overhead allocated to } \\ \text { production } \end{array} & 295,700 \\ \hline \text { Cost of jobs completed and transferred } & 500,900 \\ \hline \end{array} The ending balance in the Work-in-Process Inventory account is a ________. A) credit of $70,200 B) debit of $2000 C) credit of $2000 D) debit of $70,200$ $At the beginning of the year, Conway Manufacturing had the following account balances: The following additional details are provided for the year: \begin{array} { | l | r | } \hline \text { irect materials placed in production } & \$ 82,000 \\ \hline \text { Direct labor incurred } & 191,400 \\ \hline \text { Manufacturing overhead incurred } & 302,000 \\ \hline \begin{array} { l } \text { Manufacturing overhead allocated to } \\ \text { production } \end{array} & 295,700 \\ \hline \text { Cost of jobs completed and transferred } & 500,900 \\ \hline \end{array} The ending balance in the Work-in-Process Inventory account is a ________. A) credit of $70,200 B) debit of $2000 C) credit of $2000 D) debit of $70,200$ $At the beginning of the year, Conway Manufacturing had the following account balances: The following additional details are provided for the year: \begin{array} { | l | r | } \hline \text { irect materials placed in production } & \$ 82,000 \\ \hline \text { Direct labor incurred } & 191,400 \\ \hline \text { Manufacturing overhead incurred } & 302,000 \\ \hline \begin{array} { l } \text { Manufacturing overhead allocated to } \\ \text { production } \end{array} & 295,700 \\ \hline \text { Cost of jobs completed and transferred } & 500,900 \\ \hline \end{array} The ending balance in the Work-in-Process Inventory account is a ________. A) credit of $70,200 B) debit of $2000 C) credit of $2000 D) debit of $70,200$ $At the beginning of the year, Conway Manufacturing had the following account balances: The following additional details are provided for the year: \begin{array} { | l | r | } \hline \text { irect materials placed in production } & \$ 82,000 \\ \hline \text { Direct labor incurred } & 191,400 \\ \hline \text { Manufacturing overhead incurred } & 302,000 \\ \hline \begin{array} { l } \text { Manufacturing overhead allocated to } \\ \text { production } \end{array} & 295,700 \\ \hline \text { Cost of jobs completed and transferred } & 500,900 \\ \hline \end{array} The ending balance in the Work-in-Process Inventory account is a ________. A) credit of $70,200 B) debit of $2000 C) credit of $2000 D) debit of $70,200$ $At the beginning of the year, Conway Manufacturing had the following account balances: The following additional details are provided for the year: \begin{array} { | l | r | } \hline \text { irect materials placed in production } & \$ 82,000 \\ \hline \text { Direct labor incurred } & 191,400 \\ \hline \text { Manufacturing overhead incurred } & 302,000 \\ \hline \begin{array} { l } \text { Manufacturing overhead allocated to } \\ \text { production } \end{array} & 295,700 \\ \hline \text { Cost of jobs completed and transferred } & 500,900 \\ \hline \end{array} The ending balance in the Work-in-Process Inventory account is a ________. A) credit of $70,200 B) debit of $2000 C) credit of $2000 D) debit of $70,200$ The following additional details are provided for the year:
$\begin{array} { | l | r | } \hline \text { irect materials placed in production } & \$ 82,000 \\\hline \text { Direct labor incurred } & 191,400 \\\hline \text { Manufacturing overhead incurred } & 302,000 \\\hline \begin{array} { l } \text { Manufacturing overhead allocated to } \\\text { production }\end{array} & 295,700 \\\hline \text { Cost of jobs completed and transferred } & 500,900 \\\hline\end{array}$ The ending balance in the Work-in-Process Inventory account is a ________.

Definitions:

Magic Number

Often referencing Miller's law, which suggests the number 7 (plus or minus 2) represents the amount of information a typical human memory can hold in the short term.

Working Memory

A cognitive system responsible for temporarily holding and processing information needed for complex tasks such as learning, reasoning, and comprehension.

Cognitive Processes

Mental processes involved in gaining knowledge and comprehension, including thinking, knowing, remembering, judging, and problem-solving.

Acquisition

The processes of gaining new information and placing it in memory.