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To answer this question we will need to work backwards since we are not told any information about the value of ending or beginning work-in-process inventory. The only thing we know is that the beginning inventory was 75% of ending inventory. We are told the total manufacturing cost and the cost of goods manufactured amounts, and we know the difference between those two items is the change in the work-in-process inventory. So, we can set up a formula as follows: .75 EWIP + $2,500,000 ? EWIP = $2,425,000 $2,500,000 ? .25 EWIP = $2,425,000 EWIP = $300,000 Or, using the basic inventory formula, which is Beginning Inventory + Inventory Added ? Inventory Removed = Ending Inventory, the formula would be .75EWIP + $2,500,000 ? $2,425,000 = EWIP 75,000 = .25EWIP Dividing both sides by .25 to solve for EWIP, we get EWIP = $300,000
This answer results from dividing the difference between total manufacturing costs and cost of goods manufactured ($75,000) by .75. The difference needs to be divided by .25. Please see the correct answer for a comprehensive explanation using algebra to show why this is so.
This is the change in work-in-process inventory during the period.
This is the beginning work-in-process inventory amount.