Wood Company has beginning work in process inventory of $138,000 and total manufacturing costs of $477,000. If cost of goods manufactured is $480,000, what is the cost of the ending work in process inventory?

The cost of ending work in progress is $135,000

Step-by-step explanation:

In this question, we are asked to calculate the cost of the ending work in process inventory.

We apply a mathematical approach to this question.

Mathematically,

Cost of goods = -ending work in progress +beginning work in progress inventory + total manufacturing costs

From the question, we identify the following;

Ending work in progress =? Let’s say x

Beginning work in progress inventory = $138,000

Total manufacturing costs = $477,000

Cost of goods = $480,000

Imputing this in the equation, we have;

480,000 = -x + 138,000 + 477,000

x = 138,000 + 477,000 -480,000 = 135,000

The cost of ending work in progress is $135,000

$135,000

Step-by-step explanation:

Given the following ;

Beginning work in process inventory =$138,000

Total manufacturing cost = $477,000

Cost of goods manufactured = $480,000

Cost of Ending work in process inventory =?

USING THE RELATION:

Cost of goods sold = Beginning work in process inventory + Total manufacturing cost - Ending work in process inventory

$480,000 = $138,000 + $477,000 - Ending work in process inventory

Ending work in process inventory = $615,000 - $480,000 = $135,000

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