Smith Manufacturing Company uses a job order cost system and applies factory overhead based on machine hours. At the beginning of the year, the company estimated that overhead costs would be $450,000 and machine hours would be 90,000 hours. During the month of January, Smith worked on the following jobs:

Materials cost Direct labor hours Machine hours

Job 24 $10,000 2,000 1,500

Job 25 $12,000 5,000 3,000

Job 26 $ 6,000 1,000 800

Total $28,000 8,000 5,300

Smiths direct labor wage rate is $11 per hour.

Smith Manufacturing Company completed all three Jobs (24, 25 and 26) during January. Job 24 was shipped to the customer, who was billed $60,000.

f. What is the balance in Goods in Process on January 31?

g. What is the balance in the Finished Goods inventory on January 31?