1. Refshy Company has beginning inventory balances of $120,000 for raw materials inventory, $30,000 for work in process inventory, and $400,000 for finished goods inventory. During the period, Refshy purchased $340,000 worth of materials and placed $370,000 worth of materials into production. Refshy incurred $900,000 in direct labor costs and applied $710,000 in overhead during the period. The cost of goods completed during the period was $1,990,000 and the cost of goods sold to customers during the period was $2,100,000.

What is Refshy's ending balance for FINISHED GOODS INVENTORY?

A. $510,000

B. $400,000

C. $290,000

D. $440,000

2. Refshy Company has beginning inventory balances of $120,000 for raw materials inventory, $30,000 for work in process inventory, and $400,000 for finished goods inventory. During the period, Refshy purchased $340,000 worth of materials and placed $370,000 worth of materials into production. Refshy incurred $900,000 in direct labor costs and applied $710,000 in overhead during the period. The cost of goods completed during the period was $1,990,000 and the cost of goods sold to customers during the period was $2,100,000.

What will Refshy's Work-in-Process Inventory t-account look like at the end of the period?