Determine the balance at the end of the first quarter of:

a) Inventory of goods in process:

b) finished goods inventory :

c) Cost of goods sold :

d) Underapplied or Overapplied overhead for the quarter :

1. Pincus Corporation, which uses a job-costing system, had two jobs in process at the start of 20x1: job no. 59 ($95,000) and job no. 60 ($39,500). The following information is available: The Company applies manufacturing overhead based on machine hours. Budgeted overhead and machine activity for the year were anticipated to be $720,000 and 20,000 hours, respectively. The company worked on three jobs during the first quarter. Direct materials used, direct labor incurred, and machine hours consumed were: Job No. Direct Materials Direct Labor Machine Hours 59 $18,000 $45,000 900 60 25,000 600 61 37,000 35,000 1,200 Manufacturing overhead during the first quarter consisted of charges for depreciation ($20,000), indirect labor ($50,000), indirect materials used ($4,000), and other factory costs ($108,700). Pincus completed job no. 59 and job no. 60. Job no. 59 was sold