Brillantes Design Company makes custom chairs for individual customers. On May 1, there was one...
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Brillantes Design Company makes custom chairs for individual customers. On May 1, there was one job in process, Job 243, with a cost of P1,300. Jobs 244, 245, and 246 were started during the month of October. Data on costs added during the month are as follows:
Job 243
Job 244
Job 245
Job 246
Direct Materials
P8,400
P2,300
P5,550
P9,200
Direct Labor
P3,100
P980
P2,200
P5,010
Overhead is applied to production at the rate of 70% of direct labor cost. Job 245 was completed on May 14 and the client was billed at cost plus 55%. All other jobs remained in process.
Based on the information provided, how much is the balance of the finished goods inventory as of May 31?
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