Problem C Tucson Co. uses normal Absorption costing. Factory overhead is applied to production at a budgeted rate based on direct labor cost. At the end of the period, there are two unfinished jobs. Additional information is available as follows: Direct materials used = $50,000 Direct labor = $100,000 Beginning balance of work in process = $100,000 Cost of goods manufactured= $150,000 Finished goods beginning inventory = $140,000 Finished goods ending inventory = $110,000 Factory overhead is overapplied by $60,000 Actual factory overhead= $90,000 Problem C Tucson Co. uses normal Absorption costing. Factory overhead is applied to production at a budgeted rate based on direct labor cost. At the end of the period, there are two unfinished jobs. Additional information is available as follows: Direct materials used = $50,000 Direct labor = $100,000 Beginning balance of work in process = $100,000 Cost of goods manufactured= $150,000 Finished goods beginning inventory = $140,000 Finished goods ending inventory = $110,000 Factory overhead is overapplied by $60,000 Actual factory overhead= $90,000