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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?
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