Question
Assume Muir Company's accounting records reflect the following amounts: Dec 31, 2021 Dec 31, 2020 Raw materials inventory $430,000 $400,000 Work in Process $1,000 $3,000
Assume Muir Company's accounting records reflect the following amounts:
| Dec 31, 2021 | Dec 31, 2020 | |
| Raw materials inventory | $430,000 | $400,000 |
| Work in Process | $1,000 | $3,000 |
| Finished goods | $420,000 | $510,000 |
During 2021, $500,000 of raw materials were purchased, direct labor incurred was $200,000, and overhead applied was $240,000. Assume all raw materials used were direct materials.
How much was added to the work in process account during 2021?
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Financial Accounting An Introduction To Concepts Methods And Uses
Authors: Clyde P. Stickney, Roman L. Weil
12th Edition
0324381980, 978-0324381986
