The following data refer to Superior Metals Corporation for

The following data refer to Superior Metals Corporation for the year 20x4 Raw-material inventory $ 89,000 Purchases of raw material in 731,000 20x4 Raw-material inventory 12/31/x4 Direct-labor cost incurred Selling and administrative expenses Indirect labor cost incurred Property taxes on factory Depreciation on factory 59,000 473,000 268,000 151,000 90,000 126,000 24,000 45,000 60,000 building Income tax expense Indirect material used Depreciation on factory equipment Insurance on factory and - 40,000 70,000 0 inventory, 39,000 equipment Utilities for factory Work-in-process inventory, 12/31/x3 12/31/x4 12/31/x3 12/31/x4 overhead Finishe d goods invtory35.000 Finished-goods inventory Applied manufacturing Sales revenue 40,000 577.500 2,105,000 roblem 3-50 Part 1 equired: How much of the manufacturing costs incurred during 20x4 remained associated with work-in-process inventory on December 31, 20x4?

Solution

39000.

Since there is no opening balance in work in process inventory, only costs related to 2014 can only be associated with ending inventory balance.