Question
Maysonet Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year. Work in Process Debit Credit
Maysonet Corporation uses a job-order costing system and has provided the following partially completed T-account summary for the past year.
| Work in Process | |||
|---|---|---|---|
| Debit | Credit | ||
| Balance 1/1 | 18,000 | Credits | ? |
| Debits | 520,000 | ||
| Balance 12/31 | 34,000 | ||
The cost of completed jobs transferred from Work in Process to Finished Goods during the year was:
Multiple Choice
-
$520,000
-
$572,000
-
$538,000
-
$504,000
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Fundamental Managerial Accounting Concepts
Authors: Thomas Edmonds, Christopher Edmonds, Bor Yi Tsay, Philip Olds
8th edition
978-1259569197
