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:

Psychodynamic Model

A psychological theory that emphasizes unconscious psychological processes (e.g., desires, thoughts, feelings) and contends that childhood experiences are crucial in shaping adult personality.

Displacement

The event that occurs when short-term memory is filled to capacity and each new, incoming item pushes out an existing item, which is then forgotten.

Phobic Object

A specific object or situation that invokes an intense, irrational fear in an individual, often leading to avoidance behaviors.

Biopsychosocial

A model or approach that attributes complex phenomena or issues to biological, psychological, and social factors.