ABC Company, a manufacturer of fiber optic communications equipment, uses a job-order costing system. Since the production process is heavily automated, manufacturing overhead is applied on the basis of machine hours using a predetermined overhead rate. The current annual rate of $30 per machine hour is based on budgeted manufacturing overhead costs of $2,400,000 and a budgeted activity level of 80,000 machine hours (the companys estimated practical capacity). Operations for the year have been completed, and all of the accounting entries have been made for the year except the application of manufacturing overheard to the jobs worked on during December, the transfer of costs form Work in Process to Finished Goods to Cost of Goods Sold for the jobs that have been sold during December. Summarized data as of November 30 and for the month of December are presented in the following tables. Jobs T11-007, N11-013, and N11-015 were completed during December. All completed jobs except job N11-013 had been turned over to customers by the close of business on December 31.

Q1. Determine the balance in the Finished-Goods Inventory account on December 31 of the year just completed. Please show All calculations

Q2. Prepare a Schedule of Cost of Goods Manufactured for ABC Company For the year just completed (Hint: In computing the cost of direct material used, remember that ABC includes both direct and indirect material in its Raw-Material inventory account). Please show All calculations