The Debits to Work-In-Process for Department #2 for the Month

question 28

Multiple Choice

The debits to Work-in-Process for Department #2 for the month of April of the current year,together with information concerning production,are presented below.All direct materials come from Department #1.The units completed include the 1,200 in process at the beginning of the period.Department #2 uses FIFO costing. The cost of the ending Work-in-Process Inventory is:

• A)$2,600.
• B)$1,600.
• C)$600.
• D)$1,000.

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Definitions:

Partnership Obligations

The duties, responsibilities, and liabilities assumed by partners in a business partnership, as dictated by law or agreement.

Vicarious Liability

Legal responsibility placed on one person for the acts of another.

Joint Liability

Shared liability. In partnership law, partners incur joint liability for partnership obligations and debts.

Fiduciary Duty

A legal obligation of one party to act solely in the best interest of another party, such as a trustee for a beneficiary.