Question: The Machining Department started the current month with a beginning goods in process inventory of $10,300. During the month, it was assigned the following costs:

The Machining Department started the current month with a beginning goods in process inventory of $10,300. During the month, it was assigned the following costs: direct materials, $76,300; direct labor, $24,300; and factory overhead, 70% of direct labor cost. Also, inventory with a cost of $110,500 was transferred out of the department to the next phase in the process. The ending balance of the Goods in Process Inventory account for the Machining Department is:

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