XYZ Company recorded the following information related to their inventory accounts for January:
January 1, 2013 January 31, 2013
Direct materials 10,000 17,000
Work in process 11,000 ?
Finished goods 16,000 9,000
Additional information is as follows: Direct materials purchased .......... $19,000
Direct labor ........................ 15,000
Applied overhead .................... 16,000
Net income .......................... 30,000
S&A expenses ........................ 20,000
Sales revenue ....................... 90,000
Assume there was no overhead variance (i.e., actual overhead = applied overhead).
Calculate the work in process inventory balance on January 31