Work in Process Inventory (WIP): Definition, Formula, and Examples
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QS 14-6 (Algo) Computing ending work in process inventory LO P1Compute ending work in process inventory for a manufacturer using the following information.Raw materials purchasedDirect materials usedDirect labor usedFactory overheadWork in process inventory, beginningCost of goods manufacturedEnding Work in Process Inventory is Computed as:Work in process inventory, beginningTotal manufacturing costsTotal cost of work in processWork in process inventory, ending135,40078,40057,000102,70027,600248
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