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23 February, 19:43

Taft Company had no beginning work in process inventory. Its total manufacturing costs for the year were $858,000. If cost of goods manufactured was $666,000 and cost of goods sold was $503,000, the amount of ending work in process inventory would have been:

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  1. 23 February, 21:39
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    Answer: $192,000

    Explanation:

    Given that,

    Total manufacturing costs = $858,000

    Cost of goods manufactured = $666,000

    Cost of goods sold = $503,000

    WIP - work in progress

    Cost of goods manufactured = Beginning work in progress + Total manufacturing costs - Ending work in progress

    $666,000 = 0 + $858,000 - Ending work in progress

    Ending work in progress = $858,000 - $666,000

    = $192,000
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