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

question 185

Multiple Choice

The following information has been provided by New Age,Inc.: $$\begin{array} { | l | r | } \hline \text { Direct Labor } & \$ 25,800 \\\hline \text { Direct Materials Used } & 10,500 \\\hline \text { Raw Materials Purchased } & 16,820 \\\hline \text { Cost of Goods Manufactured } & 48,400 \\\hline \text { Ending Work-in-Process Inventory } & 11,100 \\\hline \text { Corporate Headquarters' Property Taxes } & 2,000 \\\hline \text { Manufacturing Overhead } & 19,200 \\\hline\end{array}$$
Calculate the beginning balance of the Work-in-Process Inventory account.

• A) $92,800
• B) $59,500
• C) $4,000
• D) $44,400

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Definitions:

Operations Efficiency

A measure of how well a company uses its resources to produce output effectively.

Cash Control

Methods and procedures that a company uses to monitor, manage, and protect its cash transactions and balances.

Large Companies

Businesses characterized by significant revenue, extensive operational scales, or substantial numbers of employees, often having considerable influence in their respective markets.

Internal Control

A system of policies and procedures implemented by a firm to safeguard its assets, ensure financial reporting accuracy, promote operational efficiency, and encourage adherence to prescribed managerial policies.