Problem
The Machining Department started the current month with a beginning goods in process inventory of $15,625. During the month, it was assigned the following costs: direct materials, $78,097; direct labor, $27,110; and factory overhead, 42% of direct labor cost. Also, inventory with a cost of $99,028 was transferred out of the department to the next phase in the process. What is the ending balance of the Goods in Process Inventory account for the Machining Department?