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Use the following information to answer question: McCloud Industries in its first year of operations, encountered the following events: -Purchased $50,000 in direct materials -Incurred
Use the following information to answer question: McCloud Industries in its first year of operations, encountered the following events:
-Purchased $50,000 in direct materials
-Incurred direct labor costs of $30,000
-Used a predetermined overhead rate of 90% of direct labor costs to allocate overhead to work in process
-Transferred 80% of the direct materials to work in process
-Completed and transferred 70% of the work in process to finished goods
The amount of costs in ending work in process was?
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