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: $\begin{array}{|l|r|r|r|r|r|}
\hline& \text { Job 1 } & \text { Job 2 } & \text { Job 3 } & \text { Job 4 } & \text { Job 5 } \
\hline \text { Direct Materials } & \$ 1,000 & \$ 7,500 & \$ 4,000 & \$ 3,500 & \$ 1800 \
\hline \text { Direct Labor } & 12,000 & 20,000 & 13,000 & 12,000 & 900 \
\hline \text { Allocated Mfg. Overhead } & 1,500 & 6,000 & 2,500 & 7,500 & 200 \\hline \text { Job completed: } & \text { Jun 30 } & \text { Sep 1 } & \text { Oct 15 } & \text { Nov 1 } &\text { not completed } \\hline \text { Tob sold: } & \text { Jul 10 } & \text { Sep 12 } & \text { Not sold } & \text { Not sold } & \text { N/A } \
\hline \text { Revenues: } & \$ 25,000 & \$ 39,000 & \text { N/A } & \text { N/A } & \text { N/A }\
\hline
\end{array}$ What was the balance in Work-in-Process Inventory at year-end?

Question

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: $\begin{array}{|l|r|r|r|r|r|} 
\hline& \text { Job 1 } & \text { Job 2 } & \text { Job 3 } & \text { Job 4 } & \text { Job 5 } \
\hline \text { Direct Materials } & \$ 1,000 & \$ 7,500 & \$ 4,000 & \$ 3,500 & \$ 1800 \
\hline \text { Direct Labor } & 12,000 & 20,000 & 13,000 & 12,000 & 900 \
\hline \text { Allocated Mfg. Overhead } & 1,500 & 6,000 & 2,500 & 7,500 & 200 \\hline \text { Job completed: } & \text { Jun 30 } & \text { Sep 1 } & \text { Oct 15 } & \text { Nov 1 } &\text { not completed } \\hline \text { Tob sold: } & \text { Jul 10 } & \text { Sep 12 } & \text { Not sold } & \text { Not sold } & \text { N/A } \
\hline \text { Revenues: } & \$ 25,000 & \$ 39,000 & \text { N/A } & \text { N/A } & \text { N/A }\
\hline
\end{array}$ What was the balance in Work-in-Process Inventory at year-end?

Quizplus · Accepted Answer

The balance in Work-in-Process Inventory at year-end is $2900. This is calculated by adding the costs of the jobs that are not yet completed: Job 3 ($4,000 + $2,500 = $6,500) and Job 5 ($1,800 + $200 = $2,000).

Jupiter Manufacturing Began Business on January 1 What Was the Balance in Work-In-Process Inventory at Year-End? A)$2900

Jupiter Manufacturing Began Business on January 1 What Was the Balance in Work-In-Process Inventory at Year-End?
A)$2900