Goodgulf Company is a construction company that designs and builds residential homes. At the start of the year, the beginning balances of work in process inventory and finished goods inventory were both $0.

A. Journalize the following transactions for the first month of the year (if no entry is required, write "none"):

i. $80,000 worth of materials were purchased during the month.

ii. 3 houses, jobs 101, 102, and 103, were started at the beginning of the month.

iii. $60,000 of direct materials were requisitioned ($15,000 for job 101, $20,000 for job 102, and $15,000 for job 103).

iv. Direct labor for the month was $70,000 ($20,000 for job 101, $25,000 for job 102, and $25,000 for job 103.

v. Overhead of $35,000 was applied to the 3 jobs, based on an allocation rate of $0.50 per direct labor dollar.

vi. Jobs 101 and 103 were completed.

vii. Job 103 was sold for $80,000.

B. What is the ending balance of work in process inventory?

C. What is the ending balance in finished goods inventory?