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5. The balance in the work in process inventory account was $105,000 at the end of the year. Net Income reported on the income statement
5. The balance in the work in process inventory account was $105,000 at the end of the year. Net Income reported on the income statement for the year was $225,000, and equipment was disposed of for $48,000 cash with a gain of $16,000 reported on the income statement. If the cash flow from operating activities on the statement of cash flows is $240,000, calculate the beginning balance in work in process inventory.
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