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What amount was transferred to finished goods

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Problem 1: During the year, Tanner Manufacturing expected Job No. 26 to cost $300,000 of overhead, $500,000 of materials, and $200,000 in labor. Tanner applied overhead based on direct labor cost. Actual production required an overhead cost of $290,000, $550,000 in materials used, and $220,000 in labor. All of the goods were completed. What amount was transferred to Finished Goods?

Group of answer choices

Option 1: $1,100,000

Option 2: $1,060,000

Option 3: $1,070,000

Option 4: $1,000,000

Reference no: EM132996393

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