the accountant of a company ran away with some records. You found the following. During the year, the total manufacturing cost was $300,000. $150,000 of completed goods was sold. An inventory count shows that $250,000 of goods were still in the warehouse awaiting sales. What should the company's beginning inventory of finished goods be?

1) we need more information to calculate the beg. inventory 2) 50,000 3) 100,000 4) 150,000

Kitchener LTD purchased a large quantity of special paper for $10,000. It then spent an additional $500 to bind the paper into booklets, which it can sell for $12,000 in total. Recently, Kitchener considered adding a decorative cover to the booklets and then sell them for $14,000 in total. The cost of adding the additional cover is $1,7000. Which amounts are relevant to the decision?

a) all amounts in the question are relevant. 2) 10,000, $500, $1700 and 14,000 3) 1700, 12000, 14,000 4) 10,000, $500, $12,000 and $14,000

Which one of the following actions is needed when assigning manufacturing costs to work in process?

1. the MOH account is credited for indirect materials transferred to production

2. the job order cost sheet of job affected will show entries for manufacturing costs assigned to work in process

3. the work in process account is credited for goods that are completed

4. the cost of total gross wages for all factory labour is debited to WIP