On January 1, Biden, Inc.'s Work-in-Process Inventory account had a balance of $30,100. During the year,...

 

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On January 1, Biden, Inc.'s Work-in-Process Inventory account had a balance of $30,100. During the year, $58,800 of direct materials were placed into production. Manufacturing wages incurred amounted to $85,000, of which $64,500 were for direct labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost. Actual manufacturing overhead was $91,200. Jobs costing $220,600 were completed during the year. What is the December 31 balance of Work-in-Process Inventory? On January 1, Biden, Inc.'s Work-in-Process Inventory account had a balance of $30,100. During the year, $58,800 of direct materials were placed into production. Manufacturing wages incurred amounted to $85,000, of which $64,500 were for direct labor. Manufacturing overhead is allocated on the basis of 120% of direct labor cost. Actual manufacturing overhead was $91,200. Jobs costing $220,600 were completed during the year. What is the December 31 balance of Work-in-Process Inventory?

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