At the beginning of the year, XYZ reported balances in Work in Process Inventory and Finished Goods Inventory, respectively, of $174,000 and $102,000. During the year, materials, labor, and overhead costs totaling $678,000 were added to the production. Products costing $612,000 were transferred to finished goods during the year. At the end of the year, the balance in Finished Goods Inventory is $72,000.

What is the ending balance in the Work in Process Inventory account?

Which of the following entails carrying units in inventory at their acquisition costs until they are sold?

Which of the following concepts states that gains (or losses) caused by increases (or decreases) in the market value of assets should not appear in the income until a firm sells the particular assets?

Which of the following cost flow assumptions assigns the costs of the earliest units acquired to the withdrawals, and the costs of the most recent acquisitions to the ending inventory?

Variable costing (direct costing) is acceptable for use in determining inventory cost by _________________.

The term "distressed inventory" refers to _________________.

The procedure whereby a manufacturing firm charges the fixed production cost to the period rather than assigning it as a cost of the product is called ____________________.

The procedure whereby a manufacturing firm charges the fixed production cost to the period rather than assigning it as a cost of the product is called ____________________.

The portion of merchandise that is available for sale or use and that is allocated to the current period's usage is called the _______________.