1. Steves Job Inc. works a lot of jobs and makes a lot of money. At the end of the previous month Steve had one job, job 10020, in process. For Job 10020 Steve had incurred $20,000 in labor, $50,000 in material and applied $10,000 in overhead. Steve tacks on a 50% profit margin to determine the amount charged to his customers. During the month Steve incurred another $40,000 in labor and another $30,000 in material plus the overhead. This job still hadnt been completed by month end. Steve wondered what was taking so long. During the month Steve did a lot of things. One of the things he did was start and complete job # 1002 For job #10021 Steve spent $60,000 in labor, $40,000 in material and applied another $30,000 for overhead. Unfortunately, by month end the client had still not signed off on the work. Finally, Steve started and completed job # 10022. A very pretty job of which the client was more than satisfied. Steve spent $22,000 in labor, $44,000 in material and applied $11,000 in overhead. Actual overhead for the month was $53,000.

At month end what was the

1. WIP inventory balance
2. FG inventory balance
3. Unadjusted cost of goods sold
4. Adjusted cost of goods sold
5. Gross Margin, adjusted