Assume Muir Company's accounting records reflect the following amounts: Dec...
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Accounting
Assume Muir Company's accounting records reflect the following amounts:
Dec 31, 2021
Dec 31, 2020
Raw materials inventory
$430,000
$400,000
Work in Process
$1,000
$3,000
Finished goods
$420,000
$510,000
During 2021, $500,000 of raw materials were purchased, direct labor incurred was $200,000, and overhead applied was $240,000. Assume all raw materials used were direct materials.
How much was added to the work in process account during 2021?
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