Greer Company developed the following data for the current year: $\begin{array}{lr}
\text { Beginning work in process inventory } & 136,000 \
\text { Direct materials used } & 208,000 \
\text { Actual overhead } & 176,000 \
\text { Overhead applied } & 184,000 \
\text { Cost of goods manufactured } & 900,000 \
\text { Total manufacturing costs } & 856,000
\end{array}$ How much is Greer Company's ending work in process inventory for the year?
A)$92000
B)$484000
C)$84000
D)$372000

Question

Quizplus · Accepted Answer

The ending work in process inventory is calculated as: Beginning WIP Inventory + Total Manufacturing Costs - Cost of Goods Manufactured = $136,000 + $856,000 - $900,000 = $92,000.

Greer Company Developed the Following Data for the Current Year