On January 1 Primary Manufacturing Had a Beginning Balance in Work-In-Process

question 94

Multiple Choice

On January 1 Primary Manufacturing had a beginning balance in Work-in-Process Inventory of $80,400 and a beginning balance in Finished Goods Inventory of $22,000.During the year,Primary incurred manufacturing costs of $352,000. In addition,the following transactions occurred during the year:
Job A-12 was completed for a total cost of $121,000 and was sold for $125,000.
Job A-13 was completed for a total cost of $201,000 and was sold for $213,000.
Job A-15 was completed for a total cost $64,000 but was not sold as of year-end.
The Manufacturing Overhead account had an unadjusted credit balance of $11,000,and was adjusted to zero at year-end.
What was the final balance in the Cost of Goods Sold account?

• A) $311,000 debit balance
• B) $333,000 debit balance
• C) $322,000 debit balance
• D) $11,000 credit balance

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Definitions:

New Regulations

Recently implemented rules or laws designed to control or govern conduct, usually within a specific activity or industry.

Appliance Producers

companies engaged in the manufacture of electrical or mechanical devices designed for household use.

Crony Capitalism

A type of economic system where business success is heavily influenced by close relationships between business owners and government officials.

Government Regulation

Government regulation encompasses the laws and rules set forth by the government intended to control or manage certain practices, activities, or behaviors within an economy or society.