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The following information was taken from the accounting records of the Rieff Printing Company:
Work in process inventory, beginning of the year $ 50,000
Cost of direct materials used 255,000
Direct labor cost applied to production 145,000
Cost of finished goods manufactured 902,500
Overhead assigned to production was $500,000.
Required: Compute the amount of the work in process inventory on hand at year-end.
Ending work in process inventory _______________________
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