At the Beginning of 2008, the Taylor Company's Work in Process

Multiple Choice

At the beginning of 2008, the Taylor Company's work in process inventory account had a balance of $30,000. During 2008, $68,000 of direct materials were used in production, and $66,000 of direct labor costs were incurred. Manufacturing overhead in 2008 amounted to $90,000. The cost of goods manufactured was $220,000 in 2008. What is the balance in work in process inventory on December 31, 2008?

A) $24,000
B) $66,000
C) $6,000
D) $34,000