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Brillantes Design Company makes custom chairs for individual customers. On May 1, there was one...

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Accounting

Brillantes Design Company makes custom chairs for individual customers. On May 1, there was one job in process, Job 243, with a cost of P1,300. Jobs 244, 245, and 246 were started during the month of October. Data on costs added during the month are as follows:

Job 243

Job 244

Job 245

Job 246

Direct Materials

P8,400

P2,300

P5,550

P9,200

Direct Labor

P3,100

P980

P2,200

P5,010

Overhead is applied to production at the rate of 70% of direct labor cost. Job 245 was completed on May 14 and the client was billed at cost plus 55%. All other jobs remained in process.

Based on the information provided, how much is the balance of the finished goods inventory as of May 31?

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