At the Beginning of 2011, the Gilbert Company's Work in Process

question 6

Multiple Choice

At the beginning of 2011, the Gilbert Company's work in process inventory account had a balance of $30,000. During 2011, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Factory overhead in 2011 amounted to $90,000. Cost of goods manufactured is $230,000 in 2011. The balance in work in process inventory on December 31, 2011, is:

• A) $24,000
• B) $44,000
• C) $66,000
• D) $36,000

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Definitions:

Objective Approach

A method or perspective that is based on facts and devoid of personal feelings or biases, aiming for impartiality and accuracy.

Selection Procedures

The processes and methods used by an organization to identify, evaluate, and choose the most suitable candidates for a position.

Selection Ratio

A measure used in hiring processes to indicate the number of hired individuals out of all applicants.

Credit Checks

An assessment conducted by employers, especially for positions that handle financial responsibilities, to evaluate an applicant's credit history as a measure of reliability and financial stability.