Problem 2 Use this information to answer questions 6 through 11 Wrap Corporation is a job-order costing company, The following information about the jobs was given for March: Job 201 Job 202 Job 203 Job 204 Balance 3/1 $64,500 $40,250 $31,400 0 Direct materials 64,000 32,300 21,000 16.000 Direct labor 82,000 39,600 45,000 25,000 Allocated Overhead 164,000 79,200 90,000 50,000 Total 3/31 (???) By March 31, Jobs 202 and 203 were completed. Job 203 was sold for $290,000, only sale for the month. The remaining jobs were still in process. There were no other job orders in any inventory account. 6) The amount of the March 1 WIP inventory balance is A) $136,150 B) $136,250 C) $136,350 D) $136,450 7) The amount of the 3/31 Finished Goods inventory balance is A) $193,350 B) $191,550 C) $191,650 D) $191,350 8) The amount of the 3/31 WIP inventory balance is A) $464.900 B) $466,500 C) $465,500 D) $465,000 9) The March Cost of Goods Sold amount is A) $184,700 B) $187.400 C) $187,700 D) $187.900 10) The March gross profit was A) $106.200 B) $102,800 C) $102,600 D) $102,400 11) Wrap would use a Job Order system because they A) Produce a very low volume of very different units B) Produce a large volume of similar units C) Like to give the job orders different sounding names D) Like to use a different color for each job order