Question:At the beginning of the year, XYZ reported balances in Work in Process Inventory and Finished Goods Inventory, respectively, of $174,000 and $102,000. During the year, materials, labor, and overhead costs totaling $678,000 were added to the production. Products costing $612,000 were transferred to finished goods during the year. At the end of the year, the balance in Finished Goods Inventory is $72,000. What is the ending balance in the Work in Process Inventory account?
A $240,000
B $222,000
C $102,000
D $144,000
+ AnswerD
+ Explanation
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