Exercise 16.4 (Algo) Flow of Costs through Manufacturing Accounts (L016-4) The following information was taken from the accounting records of Light Tool Corporation Work in process inventory, beginning of the year Cost of direct materials used Direct labor cost applied to production Cost of finished goods manufactured 50,000 280,000 135,000 916,750 Overhead assigned to production was $500,000, Compute the amount of the work in process inventory on hand at year-end, Ending work in process inventory