Jorst Manufacturing began business on January 1, 2015. During its first year of
operation, Jorst 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 1,500
Direct Labor 12,000 20,000 13,000 12,000 800
Allocated Mfg.
Overhead 1,500 6,000 2,500 7,500 200
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
A. What is the work-in-process ending balance at year-end?
B. What is the Finished Goods ending balance at year-end?
C. What is the Cost of Goods Sold balance at year-end?