Jackson company work in process inventory?
On January 1, 2009, Jackson Company's work in process inventory account had a balance of $65,000. During 2009, materials requisitioned for use in production amounted to $70,000, of which $66,000 represented direct materials. Factory wages for the period were $209,000, of which $186,400 were for direct labor. Manufacturing overhead is allocated on the basis of 60% of direct labor cost. Actual overhead was $116,440. Jobs costing $353,240 were completed during 2009. The December 31, 2009, balance in work in process inventory is:
A. $80,000
B. $72,800
C. $107,200
D. $76,000
