At the beginning of the year, Swift, Inc's Work-in-Process Inventory account had a balance of $124,000
During the year, $250,000 of direct materials were used in production, and $72,000 of direct labor costs were incurred. Manufacturing overhead amounted to $832,000. The cost of goods manufactured was $676,000. What is the balance in the Work-in-Process Inventory account on December 31?
A) $1,154,000
B) $1,352,000
C) $676,000
D) $602,000
D .D)
Beginning Work-in-Process Inventory $124,000
Direct Materials Used 250,000
Direct Labor 72,000
Manufacturing Overhead 832,000
Total Manufacturing Costs to account for 1,278,000
Cost of Goods Manufactured (676,000 )
Ending Work-in-Process Inventory $602,000
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