Assume the following information from a schedule of cost of goods manufactured: Cost of goods manufactured $ 158,000 Beginning work in process inventory $ 25,900 Direct materials used in production $ 50,000 Manufacturing overhead applied to work in process $ 90,000 Total manufacturing costs added to production $ 200,000 What is the ending work in process inventory

$67,000

Explanation:

Remember that,

Cost of Goods Manufactured = Beginning WIP + Total Manufacturing Costs - Ending WIP

this can also be written as :

Ending WIP =  Beginning WIP + Total Manufacturing Costs - Cost of Goods Manufactured

therefore,

Ending Work In Process Inventory = $25,000 + $200,000 -$158,000

                                                         = $67,000

The limited liability, a person’s financial liability is limited to a fixed sum. Mostly, the liability will be the value of a person’s investment in a company.

IF a company with limited liability is sued, then the claimants can only sue the company. The claimants cannot sue its owner or investor.

The ethical norm that is consistent with a person who chooses a limited liability such as sole proprietorship.

It is like a shareholder in a limited company. The shareholder is not personally liable for any of the debts of the company. The same is applicable for the partners or investors of a limited liability company or partnership company.

But, the sole proprietors and partners in general partnerships are surely liable for all the debts of the business. It means that they have limited liability.