On 1 January 1,2017,Matthew Company's Work in Process Inventory Account

question 60

Multiple Choice

On 1 January 1,2017,Matthew Company's Work in process inventory account had a balance of $30,000.During 2017,$58,500 of direct materials was placed into production.Manufacturing wages incurred amounted to $85,000,of which $66,000 were for direct labour.Manufacturing overhead is allocated on the basis of 122% of direct labour cost.Actual manufacturing overhead was $90,200.Jobs costing $228,400 were completed during 2017.What is the 31 December 2017 balance of Work in process inventory?

• A) $5200
• B) $18,700
• C) $37,700
• D) $6620

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Definitions:

Open Systems

Organizations or entities that interact with their environment by exchanging information, resources, and energy with it.

Organizational Behavior

The study of individual and group dynamics within an organizational setting, focusing on improving job performance and well-being.

Organizational Variables

Factors or characteristics within an organization that can influence its operations and outcomes.

Total Quality Management

A management approach focused on continuous improvement of processes, products, and services, emphasizing quality control in every aspect of an organization's operations.