On January 1, Feldstein Manufacturing had a beginning balance in Work-in-Process Inventory of $81,100 and a beginning balance in Finished Goods Inventory of $22,000
During the year, Feldstein incurred manufacturing costs of $351,000.
During the year, the following transactions occurred:
Job A-12 was completed for a total cost of $121,100 and was sold for $126,700.
Job A-13 was completed for a total cost of $201,800 and was sold for $211,000.
Job A-15 was completed for a total cost $60,000 but was not sold as of year-end.
What was the balance in Finished Goods Inventory at the end of the year?
A) $404,900 debit balance
B) $82,000 credit balance
C) $82,000 debit balance
D) $382,900 debit balance
C .
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Informal efforts, as opposed to official job assignments, in which employees work to create new products and processes of their own choosing and initiative refer to
A. sponsorship. B. spin-offs. C. horse trading. D. bootlegging. E. skunkworks.
Partners have ________ authority to act on behalf of the partnership with regard to actions in the ordinary course of business.
A. accrued B. actual C. fiduciary D. express
The party that accepts the legal obligation to stand behind the option is the buyer of the contract
Indicate whether the statement is true or false.
Dacker Products is a division of a major corporation. The following data are for the most recent year of operations: Sales$36,480,000 Net operating income$2,808,960 Average operating assets$8,000,000 The company's minimum required rate of return 16%?The division's return on investment (ROI) is closest to:
A. 2.7% B. 6.3% C. 160.1% D. 35.1%