At the Beginning of the Year,Swift,Inc

question 160

Multiple Choice

At the beginning of the year,Swift,Inc.'s Work-in-Process Inventory account had a balance of $123,000.During the year,$250,000 of direct materials were used in production,and $71,000 of direct labor costs were incurred.Manufacturing overhead amounted to $829,000.The cost of goods manufactured was $670,000.What is the balance in the Work-in-Process Inventory account on December 31?

• A) $1,150,000
• B) $1,340,000
• C) $670,000
• D) $603,000

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Definitions:

Primaries

Preliminary elections in which members of a political party vote to choose their party's candidate for a major upcoming election.

Term Limits

Restrictions on the number of terms an officeholder may serve in a particular elected position.

Keating Owen

A 1916 United States federal law that sought to address child labor by prohibiting the sale of goods produced by factories that employed children under certain ages, later ruled unconstitutional.

Unconstitutional Expansion

The action or policy of expanding authority or territorial holdings in a manner that violates the constitutional law or principles of the governing body.