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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 amount of gross profit reported by Frederic at the end of the year?
Green Marketing
Involves a strategic effort by firms to supply customers with environmentally friendly merchandise.
Agricultural Products
Goods resulting from the cultivation of plants and rearing of animals used for food, fiber, fuel, or raw materials.
Stereotyping
The act of categorizing individuals or groups into simplified and fixed traits, often leading to misconceptions and bias.
Age
A measure of time that a person or object has existed from its beginning to a specific point.
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