THE Company applies overhead to jobs using a pre-determined overhead rate of 70% of direct...
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THE Company applies overhead to jobs using a pre-determined overhead rate of 70% of direct labor cost. During 2021, THE Company began work on three jobs. Information relating to these three jobs appears below: direct materials direct labor cost Job #1 $39,000 $54,000 Job #2 $65,000 $71,800 Job #3 $41,000 $37,300 By the end of 2021, job #1 and job #2 had been completed. Job #3 was not completed by the end of 2021. Additionally, by the end of 2021, one-half of job #2 had been sold and one-third of Job #1 was sold. THE Company incurred total actual overhead cost of $122,740 during 2021. Calculate the amount of finished goods inventory reported in THE Company's December 31, 2021 balance sheet
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