Cao Inc. has worked on the following jobs during the first quarter of the year. The list of each job along with the balance of the total costs incurred at the end of the quarter is provided below: Job no. Ending Balance Job No. 221 $1,350 Job No. 222 $1,270 Job No. 223 $1,580 Job No. 224 $1,690 Job No. 225 $960 During the first quarter, jobs 221, 222, and 223 were completed; jobs 221 and 223 were sold on account for $2,000 and $2,380 respectively. What would the ending balance of the Work-in-process inventory account be? Group of answer choices $2,650 $2,930 $1,270 $4,200

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Cao Inc. has worked on the following jobs during the first quarter of the year. The list of each job along with the balance of the total costs incurred at the end of the quarter is provided below:
Job no. Ending Balance
Job No. 221 $1,350
Job No. 222 $1,270
Job No. 223 $1,580
Job No. 224 $1,690
Job No. 225 $960

During the first quarter, jobs 221, 222, and 223 were completed; jobs 221 and 223 were sold on account for $2,000 and $2,380 respectively.

What would the ending balance of the Work-in-process inventory account be?

Group of answer choices
$2,650
$2,930
$1,270
$4,200
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