At the beginning of 2011, the Taylor Company's work in process inventory account had a balance of $30,000. During 2011, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Manufacturing overhead in 2011 amounted to $90,000. The cost of goods manufactured was $220,000 in 2011. What is the balance in work in process inventory on December 31, 2011?
A) $24,000
B) $66,000
C) $6,000
D) $34,000

Question

Quizplus · Accepted Answer

Calculations: $30,000 + $68,000 + $66,000 + $90,000 - $220,000 = $34,000

At the Beginning of 2011, the Taylor Company's Work in Process