(Simple inventory calculation) Chicago Custom Tools Company manufactures tools and dies for manufacturing firms. Production information for the first week in November 1998 is as follows:

Direct labor hours worked: 340. Labor cost is $15 per direct labor hour. Machine hours worked: 600; Job #411, 175 hours; Job #412, 240 hours; and Job #417, 185 hours.

Overhead is charged to production at a rate of $30 per machine hour. Under- applied or overapplied overhead is treated as an adjustment to Cost of Goods Sold at year-end. (All company jobs are consecutively numbered, and all work not in ending Finished Goods Inventory has been completed and sold.)

a. Calculate the value of beginning Work in Process Inventory.

b. What is the value at the end of November of (1) the three material accounts, (2) Work in Process Inventory, and (3) Cost of Goods Sold?LO1

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Work in Process Inventory: JOB NO. Nov. 1 411 412 Nov. 7 417 MATERIAL LABOR MACHINE TIME (OVERHEAD) $950 18 hours 620 5 hours 310 4 hours 25 hours 15 hours 8 hours Finished Goods Inventory, Nov. 1: $11,900 Finished Goods Inventory, Nov. 7: $ MATERIAL RECORDS INV. 11/1 PURCHASES ISSUANCES INV. 11/7 Aluminum Steel Other $4,150 $49,150 $29,350 $? 6,400 13,250 17,100 $? 2,900 11,775 12,950 $?