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Warren Manufacturing began business on January 1. During its first year of operation, Warren worked on five industrial jobs and reported the following information at
Warren Manufacturing began business on January 1. During its first year of operation, Warren worked on five industrial jobs and reported the following information at year-end:
Job 1 Job 2 Job 3 Job 4 Job 5
Direct Materials 1,000 7,500 5,000 3,300 1,500
Direct Labor 12,000 20,000 13,400 12,000 800
Allocated Mfg. Overhead 1,500 6,000 2,300 7,600 200
Job completed: Jun 30 Sep 1 Oct 15 Nov 1 Not completed
Job sold: Jul 10 Sep 12 Not sold Not sold N/A
Revenues: 25,000 39,000 N/A N/A N/A
What was the balance in Finished Goods Inventory at year-end?
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