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Determine the balance in the work in process inventory

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Question - On January 1, Fancy Reno Company's Work in Process account had a balance of $18,000. During the year, direct materials costing $35,000 were placed into production. Direct labour cost for the year was $60,000. The predetermined overhead rate for the year was set at 150% of direct labour cost. Actual overhead costs for the year totaled $92,000. Jobs costing $190,000 to manufacture according to their job cost sheets were completed during the year. On December 31, determine the balance in the Work in Process inventory account?

Reference no: EM133151589

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