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The following information was taken from the accounting records of Reliable Tool Corporation: Work in...

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Accounting

The following information was taken from the accounting records of Reliable Tool Corporation: Work in process inventory, beginning of the year $ 35,000 Cost of direct materials used 265,000 Direct labor cost applied to production 135,000 Cost of finished goods manufactured 698,250 Overhead is assigned to production at $300,000. Compute the amount of the work in process inventory on hand at year-end.

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