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H3Ko H3Ko
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Posts: 4891
5 years ago
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) $2,100
B) $2,400
C) $1,100
D) $2,800
Textbook 

Horngren's Financial & Managerial Accounting, The Financial Chapters


Edition: 5th
Authors:
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TanksTanks
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