Sheridan Company developed the following data for the current year:
Beginning work in process inventory $300000
Direct materials used 144000
Actual overhead 288000
Overhead applied 216000
Cost of goods manufactured 264000
Total manufacturing costs 780000
Required:
1. Sheridan Company's ending work in process inventory is .

Ending work-in-process inventory  is $816,000

Explanation:

Work in process Inventory is the inventory which is in the production process.

Cost of Good Manufacture = Total Manufacturing costs + Beginning work-in-process inventory - Ending work-in-process inventory

$264,000 = $780,000 + $300,000 - Ending work-in-process inventory

$264,000 = $1,080,000 - Ending work-in-process inventory

Ending work-in-process inventory  = $1,080,000 - $264,000

Ending work-in-process inventory  = $816,000

$816,000

Explanation:

Work in process inventory can be described as the partially finished goods waiting to be completed and transferred to the trading department for eventual sale. Under manufacturing accounts, we normally have the following:

Total manufacturing costs + Beginning work in process inventory - Ending work in process inventory = Cost of goods manufactured

Substituting the relevant values in the question into the equation above, we have:

$780,000 + $300,000 - Ending work in process inventory = $264,000

We can solve for ending work in process inventory as follows:

Ending work in process inventory = $780,000 + $300,000 - $264,000 = $816,000

Therefore, Sheridan Company's ending work in process inventory is $816,000.

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