Determine the balance at the end of the first quarter

1. Inventory of goods in process

2.Inventory of finished goods

3. Cost of goods sold

4. Underapplied or Overapplied for the quarter and its entry

1. Pincus Corporation, which uses a job-costing system, had two jobs in process at the start of 20x1: job no. 59 (595,000) 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 1abor 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 (550.000), indirect materials used (54,000), and other factory costs ($108.700). Pincus completed job no. 59 and job no. 60. Job no. 59 was sold