On January 1,Feldstein Manufacturing Had a Beginning Balance in Work-In-Process

question 124

Multiple Choice

On January 1,Feldstein Manufacturing had a beginning balance in Work-in-Process Inventory of $83,200 and a beginning balance in Finished Goods Inventory of $21,100.During the year,Feldstein incurred manufacturing costs of $350,300. During the year,the following transactions occurred:
Job A-12 was completed for a total cost of $120,200 and was sold for $125,300.
Job A-13 was completed for a total cost of $200,300 and was sold for $211,500.
Job A-15 was completed for a total cost $68,000 but was not sold as of year-end.
What was the balance in Finished Goods Inventory at the end of the year?

• A)$409,600 debit balance
• B)$89,100 credit balance
• C)$89,100 debit balance
• D)$388,500 debit balance

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Definitions:

Net Income

The total profit of a company after all expenses, including taxes and operating costs, have been deducted from revenues.

Variable Costs

Expenses that change in proportion to the production or sales figures, like direct labor and raw materials.

Break-Even Point

The level of activity or sales volume at which total revenues equal total costs, resulting in no net loss or gain.

Automated Equipment

Machinery and tools that operate with minimal human intervention, often used to enhance efficiency in manufacturing or production processes.