Multiple Times Corporation, manufacturer of watches, clocks, and stopwatches, had the following costs and units on its job cost sheets for its job orders for July:

RIDTOL OGRE Ge Recttrcctnctnce cine ee eee $12,350 (300 stopwatches) PIOTOLUGH NY crete wert nnn 35,800 (1,100 alarm clocks) EMME NG Stocco tk oe 6,170 (40 cuckoo clocks) PROGR Dstt Aces oa Suc taut ietcc, 15,850 (250 sports watches) Jeb order 2Oene Remtaall al) oa wl O00 han 27,000 (1,000 standard watches)

Multiple Times completed job orders 16, 17, 18, and 20 during the last week of July. It sold job orders 17 and 18 entirely and 300 watches out of job order 20. Revenues from these credit sales totaled $96,425.

Required: (1) Record the balance in Multiple Times’ Goods-in-Process Inventory T-ac- count during the last week of July (the balance before recording the com- pletion of the job orders). Now use T-accounts to record the effect on Multiple Times’ accounts of the completion of the job orders during the last week of July.

(2) Use T-accounts to record the effect on Multiple Times’ accounts of its sales during the last week of July. Determine the ending balance in the Fin- ished Goods Inventory T-account. TLK=2