Carver Test Systems Manufactures Automated Testing Equipment By the End of the First Month (January),all Jobs but Job-Order

Essay

Carver 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 was 98,000.Data regarding several jobs at Carver are presented below.
$\begin{array}{|l|r|r|r|r|}\hline \text { Job Number } & \begin{array}{r}\text { Beginning } \\\text { Balance }\end{array} & \begin{array}{r}\text { Direct } \\\text { Materials }\end{array} & \text { Direct Labour } &\text { Machine Hours } \\\hline \mathrm{XJ}-107 & \$ 118,600& \$ 4,000& \$ 8,400& 150 \\\hline \text { ST-211 } & 121,450 & 2,500 & 12,160&300 \\\hline \text { XD-108 } & 21,800 & 86,400 & 36,6503&3,100 \\\hline \text { SL-205 } & 34,350 & 71,800 & 32,175&2,700 \\\hline \text { RX-115 } & & 18,990 & 21,845&1,400 \\\hline\end{array}$
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?