Question

ABC Company applies overhead to products using a pre-determined overhead rate of 65% of direct labor...

ABC Company applies overhead to products using a pre-determined
overhead rate of 65% of direct labor cost. During 2020, ABC
Company began work on three jobs. Information relating to these
three jobs appears below:

                            Job X        Job Y        Job Z
direct materials .......    $16,000      $20,000      $30,000
direct labor ...........    $54,000      $79,000      $43,000

By the end of 2020, Job Y and Job Z had been completed. Job X was
not completed by the end of 2020. Additionally, by the end of 2020,
one-half of Job Y had been sold while none of Job Z had been sold.

Assume there were no inventories of any type at January 1, 2020. 

Calculate ABC Company's finished goods inventory balance reported
on the December 31, 2020 balance sheet.

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