The initial inventory cost (rst in}, labor, and overhead that apply to the job in progress with this material are all included in the beginning inventory estimates. For this FIFO inventory, for example, goods cost $5,000, labor cost $2,200, and overhead cost $1,700, totaling $8,900 in work in progress, If any nextinline inventory is in the works, add its cost to the labor and overhead for that part of the job. This component costs $5,500 if nextin inventory in process is $3,000, labor is $1,500, and overhead is $1,000. For reporting purposes, the accounting entry for work in progress equals $14,400