Ruby Company is a job-order firm that follows a normal costing approach. Consider the following information regarding Ruby Company: Job 26 Job 27 Job 28 Beginning balance 500$ Materials requisitioned 5,000 4,800 4,500 Direct labor cost 2,400 2,250 1,900 Applied overhead 1,800 1,560 1,320 Total cost $9,700 $8,610 $7,720 During January, Jobs 26 and 27 were completed, and Job 26 was sold at 125% of cost. Job 28 remains unfinished at the end of the month. Assuming the beginning balance of Finished Goods is $2,000, 

calculate the ending balance of Finished Goods for January.

Answer rating: 100% (QA)

To calculate the ending balance of Finished Goods for January we need to consider the costs associat... View the full answer