Question: Smith and Walton's process-based shop is undergoing major changes and have asked you to come in an evaluate their work in process inventory balance. The

Smith and Walton's process-based shop is undergoing major changes and have asked you to come in an evaluate their work in process inventory balance. The beginning balance was $100,000. Transfered in was $225,000 worth of direct materials. Direct labor assigned during this period was $180,000, and overhead assigned was $200,000. Transfered out to finished goods was $410,000. What was the ending balance of the work in process account. You are encouraged to utilize a T account to help answer this question. Multiple Choice $375,000 $295,000 $305,000 $125,000

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