Jupiter Manufacturing began business on January 1
During its first year of operation, Jupiter worked on five industrial jobs and reported the following information at year-end:
Job 1 Job 2 Job 3 Job 4 Job 5
Direct Materials 1,000 7,500 4,000 3,500 1,700
Direct Labor 12,000 20,000 13,000 12,000 700
Allocated Mfg. Overhead 1,500 6,000 2,500 7,500 400
Job completed: Jun 30 Sep 1 Oct 15 Nov 1 Not completed
Job sold: Jul 10 Sep 12 Not sold Not sold N/A
Revenues: 25,000 39,000 N/A N/A N/A
What was the balance in Work-in-Process Inventory at year-end?
A) $2,800
B) $2,400
C) $2,100
D) $1,100
A .A) Job 5 is the only job on which work is in process at the end of the year.
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