Question

Jackson Company applies overhead to products using a pre-determined rate
of $11.20 per direct labor hour.

During 2019, Jackson Company began work on three jobs. Information
relating to these three jobs appears below:

                                  Job #359      Job #360      Job #361
direct materials ..............    $98,000       $75,000       $91,000
direct labor cost .............    $98,600       $79,900       $86,700
direct labor hours ............      5,800         4,700         5,100

By the end of 2019, job #359 and job #361 had been completed. Job #360
was not completed by the end of 2019. Additionally, by the end of 2019,
job #361 had been sold while job #359 was not sold. Jackson Company had
total actual overhead cost of $169,000 during 2019.

Calculate the amount of finished goods inventory reported in Jackson
Company's December 31, 2019 balance sheet.

Answer 1