Question - Farber Corporation uses a job-order costing system. The information below is from the financial records of the company for last year:
Total manufacturing costs $2,500,000
Cost of goods manufactured $2,425,000
Predetermined overhead rate 80% of direct labor cost
Applied overhead was 30% of total manufacturing costs. The Work in Process inventory at January 1 was 75% of the Work in Process inventory at December 31.
Calculate the Work in Process inventory at December 31?