The Following Information Has Been Provided by New Age,Inc Calculate the Beginning Balance of the Work-In-Process Inventory Account

question 106

Multiple Choice

The following information has been provided by New Age,Inc.: $$\begin{array} { | l | r | } \hline \text { Direct Labor } & \$ 25,100 \\\hline \text { Direct Materials Used } & 11,000 \\\hline \text { Raw Materials Purchased } & 16,710 \\\hline \text { Cost of Goods Manufactured } & 49,000 \\\hline \text { Ending Work-in-Process Inventory } & 11,200 \\\hline \text { Corporate Headquarters' Property Taxes } & 1,500 \\\hline \text { Manufacturing Overhead } & 19,350 \\\hline\end{array}$$ Calculate the beginning balance of the Work-in-Process Inventory account.

• A)$93,250
• B)$60,200
• C)$4,750
• D)$44,250

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Definitions:

Ratification

The act of giving formal consent or approval to something, making it officially valid, typically in the context of contracts or agreements.

Agency Relationship

A legal and consensual arrangement where one party, the agent, acts on behalf of another, the principal, in dealings with third parties.

Intent

The purpose or mindset with which an individual acts, significant in both criminal and civil law to determine culpability or liability.

Principal

In agency law, a person who agrees to have another, called the agent, act on his or her behalf.