Jab Order Costing: The Custom Car Company The Custom Car Company buys older vintage autos and restores them. The following transactions were m by The Company during 2020. a. Job I was in progress at the beginning of the year and had a balance in Work in Process of $15,000. b. Purchased $30,000 in raw materials on account. The Raw Materials Inventory account had a balanc $8,000 at the beginning of the year. c. Requisitioned materials: Job I $8,000 Job 2 12,500 Job 3 5,000 Indirect Materials (all jobs) 2.500 Total $33,000 d. Paid labor costs: Job I $10,000 Job 2 14,000 Job 3 9 ,500 Indirect Labor (all jobs) 6.500 Total $40,000 e. Applied Overhead at 100% of direct labor cost to all three jobs. f. Incurred $19,400 in other overhead costs for cash. g. Finished Jobs 1 and 2. h. Sold Job 1 for $49,450. i Closed any over or underapplied overhead to Cost of Goods Sold. Job Cost Sheets Job No. 3 Dir Materials Dir Labor Overhead Total cost $5,000 9,500 9.500 $24,000 Job No. 1 Job No. 2 Begin Bal $15,000 Dir Materials $12,500 Dir Materials 8,000 Dir Labor 14,000 Dir Labor 10,000 Overhead 14,000 Overhead 10,000 Total cost $40,500 Total cost $43,000 Required: Compute the balances for items 1-6. 1 Ending Raw Material Inventory at the end of 2020 2. Ending WIP Inventory at the end of 2020 3. Ending Finished Goods Inventory at the end of 2020 The Custom Car Company Belger Page 1 4 Over/under applied overhead for 2020 5. Adjusted Cost of Goods Sold for 2020 6. Gross Profit for 2020