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H3Ko H3Ko
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7 years ago
On January 1, Standard Manufacturing had a beginning balance in Work-in-Process Inventory of $82,000 and a beginning balance in Finished Goods Inventory of $20,000. During the year, Standard incurred manufacturing costs of $353,000.

During the year, the following transactions occurred:
Job A-12 was completed for a total cost of $121,000 and was sold for $125,000.
Job A-13 was completed for a total cost of $201,000 and was sold for $214,000.
Job A-15 was completed for a total cost $64,000 but was not sold as of year-end.

The Manufacturing Overhead account had an unadjusted credit balance of $13,000 and was adjusted to zero at year-end.

What was the amount of gross profit reported by Standard at the end of the year?
A) $4,000
B) $13,000
C) $30,000
D) $17,000
Textbook 
Horngren's Financial & Managerial Accounting, The Financial Chapters

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
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TanksTanks
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H3Ko Author
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#2
7 years ago
YES! Can't believe I got this one right. Appreciate the confirmation
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