What is the balance of the work in process on December 31.
At the beginning of 2011, work in process included $7200 of direct materials, $11,000 of direct labor, and $8,000 of factory overhead.
- $60,000 of material and $40,000 of labor was added during the year, along with $40,000 of factory overhead.
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- Material is added to the process in a lump sum at the beginning and labor is added evenly during the process.
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- The work in process inventory was 20% complete on January 1, 2011 and 40% complete on December 31, 2011.
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- 8000 units were in process on January 1 and 40,000 units were added during the year.
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- 5000 units were in ending work in the ending work in process inventory.
What is the balance of the work in process on December 31.