Answer:
$746000
Explanation:
The raw material inventory which is placed in the processing to manufacture the product is called work in process. These items are waiting for the completion of the product. So, its cost is calculated and recorded in work in process account to keep it separate from raw material inventory and Finished goods inventory.
Cost of Goods Manufactured = Total Manufacturing cost + Beginning work in process inventory - Ending work in process
$294,000 = $790,000 + $250,000 - Ending work in process
$294,000 = $1,040,000 - Ending work in process
Ending work in process = $1,040,000 - $294,000 = $746,000
