The Neptune Corporation Uses a Process Cost System and the Weighted

question 71

Multiple Choice

The Neptune Corporation uses a process cost system and the weighted average method. The company started March with 2,300 units in work in process-Dept.A During the month 4,000 units were started. At the end of the month there were 3,200 units in ending work in process-Dept. A inventory that were 30% complete. The beginning work in process balance was $120,270 and total manufacturing cost for the period was $304,000. Based on this information, the amount of cost transferred from work in process-Dept. A to work in process-Dept. B was:

• A)$323,950.
• B)$127,281.
• C)$271,667.
• D)$100,320.

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Definitions:

Deduction

An expense that can be subtracted from gross income to reduce the amount of income subject to income tax.

Taxpayer's Principal Residence

The primary dwelling a taxpayer lives in for a major portion of the year, which can qualify for certain tax benefits like the mortgage interest deduction.

Standard Business Mileage

The set rate per mile the IRS allows for deduction when an individual uses their personal vehicle for business purposes.

Automobiles

Self-propelled vehicles designed for transport on public roads, commonly referred to as cars.