Jupiter Manufacturing began business on January 1. During its first year of operation, Jupiter worked on five industrial jobs and reported the following information at year-end: Direct Materials Direct Labor Allocated Mfg. Overhead Job completed: Job sold: Revenues: Job 1 $1,000 12,000 1,500 Jun 30 Jul 10 $25,000 Job 2 $7,500 20,000 6,000 Sep 1 Sep 12 Job 3 $4,000 13,000 2,500 Oct 15 Not sold $39,000 N/A Job 4 $3,500 12,000 7,500 Nov 1 Not sold N/A What was the balance in Work-in-Process Inventory at year-end? What was the balance in Finished Goods Inventory at year-end? What was Cost of Goods Sold for the year? Job 5 $1800 900 200 Not completed N/A N/A

Jupiter Manufacturing began business on January 1. During its first year of operation, Jupiter worked on five industrial jobs and reported the following information at year-end: Direct Materials Direct Labor Allocated Mfg. Overhead Job completed: Job sold: Revenues: Job 1 $1,000 12,000 1,500 Jun 30 Jul 10 $25,000 Job 2 $7,500 20,000 6,000 Sep 1 Sep 12 Job 3 $4,000 13,000 2,500 Oct 15 Not sold $39,000 N/A Job 4 $3,500 12,000 7,500 Nov 1 Not sold N/A What was the balance in Work-in-Process Inventory at year-end? What was the balance in Finished Goods Inventory at year-end? What was Cost of Goods Sold for the year? Job 5 $1800 900 200 Not completed N/A N/A

Name: Jupiter Manufacturing began business on January 1. During its first y
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Description: Jupiter Manufacturing began business on January 1. During its first year of operation, Jupiter worked on five industrialjobs and reported the following information at year-end:Direct MaterialsDirect LaborAllocated Mfg.OverheadJob completed:Job sold:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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