Wavy company had a beginning work in process inventory balance of $ 32 comma 900$32,900. during the year, $ 54 comma 700$54,700 of direct materials was placed into production. direct labor was $ 64 comma 100$64,100, and indirect labor was $ 20 comma 400$20,400. manufacturing overhead is allocated at 120120% of direct labor costs. actual manufacturing overhead was $ 87 comma 000$87,000, and jobs costing $ 225 comma 500$225,500 were completed during the year. what is the ending work in process inventory balance?

The ending work in process inventory balance is $3,120

Explanation:

Ending work in process inventory =

Beginning Work in progress inventory + Direct materials + Direct labor + Manufacturing overhead (applied) – Cost of goods manufactured

Beginning Work in progress inventory =$32,900

Direct materials = $54,700

Direct labor = $64,100

Manufacturing overhead (applied) = 120% * $64,100 = $76,920

Cost of goods manufactured = $225,500

Ending work in process inventory = $32,900 + $54,700 + $64,100 + $76,920 - $225,500

= $3,120

Therefore, The  ending work in process inventory balance is $3,120

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