Hi- I need help and explanation to learn how to Calculate ABC Company's beginning work in process inventory balance.
The following information is given for ABC Company:
a. conversion costs totaled $360,000 and were equal to three times the prime costs
b. cost of goods manufactured was $415,000
c. beginning work in process is one-half the cost of ending work in process
d. there is no beginning or ending direct material inventory
e. overhead is equal to 340% of direct materials used
f. beginning finished goods totaled $10,000
Calculate ABC Company's beginning work in process inventory balance. Do not use decimals in your answer.