The balance in the Work in Process Inventory at any point in time equals
A. the costs for jobs finished during the period but not yet sold.
B. the manufacturing cost of jobs ordered but not yet started into production.
C. the manufacturing costs of all jobs started during the period, completed or not.
D. the sum of the manufacturing costs for all jobs in process but not yet completed.
E. the sum of the materials, labor and overhead costs paid during the period.
Answer: D
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Danny LaBarbera made a contract to buy a vintage car from Dupree Bolton for $20,000. He had already arranged to resell the car to a collector for $30,000. Dupree backed out of the deal, and Danny was unable to find a replacement. Danny sues Dupree
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