Precision Harness Company makes wire harnesses for high end sound recording equipment used by sound and movie studios. The following are the beginning and end of year inventory balances:

Beg. Bal. End Bal.

Raw Materials $55,000 $15,000

Work-in-Process 150,000 ?

Finished Goods 50,000 80,000

During the current year, the following transactions occurred:

• Raw material worth $40,000 was purchased
• Direct labor used was $60,000
• Manufacturing overhead of $115,000 was incurred during the period
• Sales commissions of $20,000 were paid
• Cost of goods completed (manufactured) and transferred to finished goods were $310,000

What is the amount of Work-in-Process inventory at the end of the year?

a. $95,000

b. $115,000

c. $55,000

d. $75,000