ABC PTE LTD had the following information available for May 2020: Work in Process, May 1 $20,000 Materials placed into production, May 27,500 Direct labour, May 37,500 Factory overhead rate is 150 percent of direct labour costs. Job cost sheets had the following balances:

Job Z1	$32,500
Job Z2	55,000
Job Z3	35,000
Job Z4	18,750

Jobs Z3 and Z4 were not completed at the end of May. What is the cost of goods finished for ABC PTE LTD during May?

1)

$85,000

2)

$87,500

3)

$56,250

4)

$53,750