Problem

The following information was taken from the accounting records of Reliable Tool Corporati...

The following information was taken from the accounting records of Reliable Tool Corporation:

Work in process inventory, beginning of the year

 $ 35,000

Cost of direct materials used

 245,000

Direct labor cost applied to production

 120,000

Cost of finished goods manufactured

 675,000

Overhead is assigned to production at $300,000. Compute the amount of the work in process inventory on hand at year-end.

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