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Tim owns a woodworking business and uses normal costing. They are doing their end of the year calculations for their work in process inventory. Currently,
Tim owns a woodworking business and uses normal costing. They are doing their end of the year calculations for their work in process inventory. Currently, they have cost of goods sold as $520,000, direct labor $92,000, direct material $83,000, finished goods $60,000, and an applied material overhead of $125,000. What is their work in process?
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