Problem:
Beige Company has a beginning balance in the Work in Process Inventory account of $230,000. Current manufacturing costs for the period are $580,000.
Required:
If the cost of goods manufactured is $750,000, what is the ending balance in the Work in Process Inventory account?
- $1,100,000
- $1,560,000
- $60,000
- $400,000
Note: Please provide through step by step calculations.