67) The following information has been provided by Squash Corporation: Direct Labor Direct Materials Used Raw Materials Purchased $6,500 2,550 5,000 10,500 1,200 350 510 Ending Work-in-Process Inventory Co rporate Headquarters' Property taxes Manufacturing Overhead The beginning balance of Work-in-Process Inventory account was B) $18,860 A) $2,140 C) $9,560 D) $2,400 68) On June 1, 2014, Dalton Productions had beginning balances as shown in the T-accounts below 68) Materials inventory Work in process inventory Finished goods inventory Menufacturing overhced 10,000 20,000 25,000 41,000 During June, the following transactions took place: June 2: Issued $2,400 of direct materials and $200 of indirect materials to production What was the balance in the Manufacturing Overhead account following this transaction? A) $41,000 B) $43,400 C) $41,200 D) $43,600 69) The production cost reports show the calculations for the physical flows and the-- -flows of 69) the products. A) supply B) price C) cost D) cash 70) Which of the following statements is true of target pricing? 70) A) It does not consider the nonmanufacturing costs while calculating the target cost. B) It is the same as cost-based pricing. C) It starts with the price that customers are willing to pay. D) It uses the full product cost that a company estimates to arrive at the sales price. TRUE/FALSE. Write T' if the statement is true and 'F' if the statement is false. 71) 71) Manufacturing businesses have inventory acounts, but merchandising businesses do not. 72) 72) Dezire Travel Services provided the following information: Cost allocation rate for direct labor: $40 per hour Cost allocation rate for indirect costs: $22 per hour If Dezire receives $350 for a job requiring 5 hours of direct labor, then Dezire will make a profit of $40