The cost of ending work in process inventory in the first processing department according to the company's cost system is closest to:

A) $37,278
B) $33,294
C) $62,129
D) $31,065

Work In Process Inventory

Goods that are in the production process but have not yet been completed; it's an inventory account that includes materials, labor, and overhead costs incurred for products that are not yet finished.

Cost System

An accounting framework used for recording, tracking, and managing costs associated with a company's operations, products, or services.

Processing Department

A segment within a factory where a particular process, phase of production, or type of operation is carried out.