Quinton Corporation Provided the Following Information for the Year What Was the Total Manufacturing Costs Incurred During the Year

question 20

Multiple Choice

Quinton Corporation provided the following information for the year: $$\begin{array} { | l | r | } \hline \text { Beginning Balance - Work-in-Process Inventory } & \$ 27,000 \\\hline \text { Ending Balance - Work-in-Process Inventory } & 57,000 \\\hline \text { Beginning Balance - Direct Materials } & 87,000 \\\hline \text { Ending Balance - Direct Materials } & 61,000 \\\hline \text { Purchases - Direct Materials } & 358,000 \\\hline \text { Direct Labor } & 469,000 \\\hline \text { Indirect Labor } & 21,000 \\\hline \text { Depreciation on Factory Plant and Equipment } & 22,000 \\\hline \text { Plant Utilities and Insurance } & 271,000 \\\hline\end{array}$$ What was the total manufacturing costs incurred during the year?

• A) $698,000
• B) $314,000
• C) $853,000
• D) $1,167,000

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Definitions:

Gift

A voluntary transfer of property or funds from one person to another without the expectation of receiving something in return.

Stock in Corporation

Shares representing ownership in a corporation, entitling the holder to dividends and certain rights under the corporation's governance.

Bailment

A legal relationship where one party temporarily transfers possession of property to another, under the agreement that the property will be returned.

Operates

To run or control the functioning of a system, machine, process, or organization.