A missing value is called a null value

An overstatement of ending merchandise inventory in the current period results in an understatement of net income in the current period

Indicate whether the statement is true or false

At the beginning of the year, Swift, Inc's Work-in-Process Inventory account had a balance of $124,000

During the year, $250,000 of direct materials were used in production, and $72,000 of direct labor costs were incurred. Manufacturing overhead amounted to $832,000. The cost of goods manufactured was $676,000. What is the balance in the Work-in-Process Inventory account on December 31? A) $1,154,000 B) $1,352,000 C) $676,000 D) $602,000