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:
Question: If the cost of goods manufactured is $750,000, what is the ending balance in the Work in Process Inventory account?
A. $1,100,000
B. $1,560,000
C. $60,000
D. $400,000
Note: Please describe comprehensively and provide step by step solution.