Multiple Choice Question 119 Crane Company developed the following data for the current year: Beginning work in process inventory $ 206000 Direct materials used 208000 Actual overhead 176000 Overhead applied 184000 Cost of goods manufactured 960000 Total manufacturing costs 916000 How much is Crane Company's ending work in process inventory for the year

$162,000

Explanation:

As we know that

Cost of goods manufactured = Opening work in process inventory + Total Manufacturing cost - ending work in process inventory

$960,000 = $206,000 + $916,000 - ending work in process inventory

$960,000 = $1,122,000- ending work in process

So the ending work in process inventory is

= $1,122,000 - $960,000

= $162,000

We simply applied the above formula

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