Carver Test Systems Manufactures Automated Testing Equipment

question 94

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.
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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Definitions:

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