On January 1,Biden,Inc.'s Work-in-Process Inventory account had a balance of $30,300.During the year,$58,500 of direct materials was placed into production.Manufacturing wages incurred amounted to $84,000,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 $90,500.Jobs costing $220,500 were completed during the year.What is the December 31 balance of Work-in-Process Inventory?

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The Answer of On January 1,Biden,Inc.'s Work-in-Process Inventory account had a balance of $30,300.During the year,$58,500 of direct materials was placed into production.Manufacturing wages incurred amounted to $84,000,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 $90,500.Jobs costing $220,500 were completed during the year.What is the December 31 balance of Work-in-Process Inventory?