On January 1, 2015, Frederic Manufacturing Had a Beginning Balance

question 117

Multiple Choice

On January 1, 2015, Frederic Manufacturing had a beginning balance in Work-in-Process Inventory of $160,000 and a beginning balance in Finished Goods Inventory of $20,000. During the year, Frederic incurred manufacturing costs of $200,000. During the year, the following transactions occurred:
Job C-62 was completed for a total cost of $140,000 and was sold for $155,000.
Job C-63 was completed for a total cost of $180,000 and was sold for $210,000.
Job C-64 was completed for a total cost $80,000 but was not sold as of year-end.
The Manufacturing Overhead account had an unadjusted credit balance of $24,000, and was cleared to zero at year-end.
What was the final balance in the Cost of Goods Sold account?

• A)$296,000 debit balance
• B)$341,000 debit balance
• C)$341,000 credit balance
• D)$296,000 credit balance

---

Definitions:

Social Approval

The acceptance or endorsement by others in a social context, often influencing behavior and self-esteem.

Idea Champions

Individuals who enthusiastically promote or support a new concept, project, or innovation within an organization, often driving its development and implementation.

Implementation

Implementation involves putting a plan, decision, or method into effect in order to achieve an outcome or complete a process.

Process Innovation

The development of new or improved procedures, techniques, or systems in an organizational operation to enhance efficiency or quality.