On 1 January 2013, Matthew Company's work in process inventory account had a balance of $30 000. During 2013, $58 000 of direct materials was placed into production. Manufacturing wages incurred amounted to $84 000, of which $66 000 were for direct labour. Manufacturing overhead is allocated on the basis of 120% of direct labour cost. Actual manufacturing overhead was $90 000. Jobs costing $220 400 were completed during 2013. What is the 31 December 2013 balance in work in process inventory?

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The Answer of On 1 January 2013, Matthew Company's work in process inventory account had a balance of $30 000. During 2013, $58 000 of direct materials was placed into production. Manufacturing wages incurred amounted to $84 000, of which $66 000 were for direct labour. Manufacturing overhead is allocated on the basis of 120% of direct labour cost. Actual manufacturing overhead was $90 000. Jobs costing $220 400 were completed during 2013. What is the 31 December 2013 balance in work in process inventory?

On 1 January 2013, Matthew Company's Work in Process Inventory