Greer Corporation, which uses a job-costing system, had two jobs in process at the start of the quarter: job no. J5-59 (beginning value: $95,000) and job no. X9-60 (beginning value: $39,500). It had a zero balance in its finished goods inventory account. The firm provides the following information:
€¢ The predetermined overhead rate is $36 per machine hour.
€¢ The company worked on three jobs during the first quarter. Relevant data about costs incurred during the quarter are as follows:

€¢ Greer completed jobs J5-59 and X9-60, and sold Job J5-59.

Required:
a. Determine the cost of the job(s) still in production at the end of the first quarter.
b. Determine the value of ending finished goodsinventory.

Transcribed Image Text:

Job No. Di 1 Ma $18,000 Diect Labor Mache Hours 5-59 X9-60 T10-61 $45,000 20,000 35,000 900 200 1.200 87,000