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GHI Inc. has commenced work on three jobs during its first year of operations. Costs incurred for each of these jobs are as follows:
Job 1 Job 2 Job 3
Direct Materials $100,000 $150,000 $200,000
Direct Labour $100,000 $200,000 $250,000
Question 1: Overhead is applied to jobs at a rate of $0.50 per direct labour dollar spent. During the year, Job 1 was completed, while Job 2 was completed and sold. Job 3 is still process at the end of the year. GHI's Cost of Goods Available for Sale for the year was
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