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The following information was taken from the accounting records of Reliable Tool Corporation: Work in process inventory, beginning of the year - $35,000 Cost of direct materials used - 260,000 Direct labor cost applied to production - 150,000 Cost of finished goods manufactured - 707,750 Overhead is assigned to production at $300,000. Compute the amount of the work in process inventory on hand at year-end.

The following information was taken from the accounting records of Reliable Tool Corporation: Work in process inventory, beginning of the year - $35,000 Cost of direct materials used - 260,000 Direct labor cost applied to production - 150,000 Cost of finished goods manufactured - 707,750 Overhead is assigned to production at $300,000. Compute the amount of the work in process inventory on hand at year-end.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information was taken from the accounting records of Reliable Tool Corporation: Work in process inventory, beginning of the year - $35,000 Cost of direct materials used - 260,000 Direct labor cost applied to production - 150,000 Cost of finished goods manufactured - 707,750 Overhead is assigned to production at $300,000. Compute the amount of the work in process inventory on hand at year-end.
Transcribed Image Text:The following information was taken from the accounting records of Reliable Tool Corporation: Work in process inventory, beginning of the year - $35,000 Cost of direct materials used - 260,000 Direct labor cost applied to production - 150,000 Cost of finished goods manufactured - 707,750 Overhead is assigned to production at $300,000. Compute the amount of the work in process inventory on hand at year-end.
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