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

question 56

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 amount of gross profit reported by Frederic at the end of the year?

• A)$21,000
• B)$69,000
• C)$201,000
• D)$161,000

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Definitions:

Green Marketing

Involves a strategic effort by firms to supply customers with environmentally friendly merchandise.

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Goods resulting from the cultivation of plants and rearing of animals used for food, fiber, fuel, or raw materials.

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The act of categorizing individuals or groups into simplified and fixed traits, often leading to misconceptions and bias.

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A measure of time that a person or object has existed from its beginning to a specific point.