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How much was added to work in process account

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Reference no: EM133113065

Question - Assume a company's accounting records reflect the following inventories:

 

2021

2020

Raw materials in inventory

$430,000

$400,000

Work in process inventory

$1000

$3,000

Finished goods inventory

420,000

510,000

During 2021, $500,000 of raw materials were purchased direct labor incurred was $24,000, and overhead applied was $130,000. There was no indirect materials used during 2021.

Required - How much was added to work in process account during 2021?

Reference no: EM133113065

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