The balance of the Jackson Company accounts as of March 1, 2021, which consists of; Cash of $ 52,000; Accounts receivable $ 50,000; Finished goods $ 32,500; Work in progress $ 7,500*⁾; $ 21,500 in raw materials; $ 40,300 machines; Accumulated Depreciation of $ 10,000 Machine; Accounts payable $ 58,800; $ 100,000 in Stock Capital and $ 35,000 Retained Earnings.

*) Notes; Work-in-progress consists of jobs 101 and 102. Work 101 amounts to $ 5,500 consisting of $ 2,500 Materials costs; Direct labor is $ 2,000 and Factory Overhead is charged $ 1,000; and Work 102 totaling $ 2,000 consisting of $ 600 in Materials costs; Direct labor is $ 1,000 and Factory Overhead Costs are charged $ 400