At the beginning of 2011, Taylor Company's Work in Process Inventory account had a balance of $30,000 . During 2011, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Manufacturing overhead in 2011 applied to jobs amounted to $90,000 . The cost of goods manufactured was $220,000 in 2011 . The balance in Work in Process Inventory on December 31,
2011, is $34,000.
Indicate whether the statement is true or false
true
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