Whirl 'n Twirl Corporation uses a job costing system. On January 1, Whirl 'n Twirl Corporation's work in process inventory account had a balance of $62,000. During the year, materials requisitioned for use in production amounted to $110,000, of which $79,000 represented direct materials. Factory wages for the period were $242,000, of which $199,000 were for direct labour. Manufacturing overhead is allocated on the basis of 80% of direct labour cost. Actual overhead cost for the year was $125,000. Jobs costing $350,000 were completed during the year.
The December 31 work in process inventory balance is
◦ $149,200.
◦ $115,000.
◦ $403,000.
◦ $158,000.