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Question - Test Systems manufactures automated testing equipment. The company uses a job-order costing system and applies overhead on the basis of machine hours (MH). At the beginning of the year, estimated manufacturing overhead was $1,960,000, and the estimated machine hours were 98,000. Data regarding several jobs at R2D2 are presented below.
Job Number
Beginning Balance
Direct Materials
Direct Labour
Machine Hours
XJ-107
$118,600
$4,000
$8,400
150
ST-211
121,450
2,500
12,160
300
XD-108
21,800
86,400
36,650
3,100
SL-205
34,350
71,800
32,175
2,700
RX-115
0
18,990
21,845
1,400
By the end of the first month (January), all jobs but RX-115 were completed, and all completed jobs had been delivered to customers except for SL-205.
Required: What was the balance in Finished Goods inventory at the end of January?
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