Applied overhead was 30% of total manufacturing costs. The Work in Process inventory at January 1…

Farber Corporation uses a job-order cost system. The information below is from the financial records of the company for last year:

Total manufacturing costs

$2,500,000

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Cost of goods manufactured

$2,425,000

Predetermined overhead rate

80% of direct labor cost

Applied overhead was 30% of total manufacturing costs. The Work in Process inventory at January 1 was 75% of the Work in Process inventory at December 31. The Work in Process inventory at December 31 was:

A) $300,000

B) $225,000

C) $100,000

D) $75,000

 

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