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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