Tool Time Inc. uses job-order costing for its brand new line of homework machines. The cost incurred for production during 2020 totalled $7,000 of materials, $2,500 of direct labour costs, and $1,000 of manufacturing overhead applied. The company ships all goods as soon as they are completed which results in no finished goods inventory on hand at the end of any year. Beginning work in process totalled $5,500, and the ending balance is $2,500. During the year, the company completed