The Following Information Has Been Provided by Squash Corporation The Beginning Balance of Work-In-Process Inventory Account Was ________

question 123

Multiple Choice

The following information has been provided by Squash Corporation: $$\begin{array} { | l | r | } \hline \text { Direct Labor } & \$ 6,300 \\\hline \text { Direct Materials Used } & 2,700 \\\hline \text { Raw Materials Purchased } & 8,000 \\\hline \text { Cost of Goods Manufactured } & 18,000 \\\hline \text { Ending Work-in-Process Inventory } & 1,200 \\\hline \text { Corporate Headquarters' Property taxes } & 300 \\\hline \text { Manufacturing Overhead Incurred } & 510 \\\hline\end{array}$$ The beginning balance of Work-in-Process Inventory account was ________.

• A) $9,900
• B) $9,690
• C) $26,310
• D) $9,510

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Definitions:

Surplus

The amount by which the quantity of a good or service supplied exceeds the quantity demanded, often leading to a decrease in prices.

Supply Elasticities

A measure of how much the quantity supplied of a good responds to a change in price, indicating the responsiveness of sellers to price changes.

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the market equilibrium price.

Short-Run World Demand

Refers to the total quantity of a good or service that is demanded globally over a short period of time, with at least one factor of production held constant.