3. Prepare the journal entries reflecting the completion of Jobs 78 and 79 and the sale of Job 79. The selling price is 120 percent of cost. Round your answers to the nearest cent. Completion of Finished Goods Jobs 78 & 79 Work in Process Sale of Job 79 (cost) Cost of Goods Sold Finished Goods Sale of Job 79 (sale) Accounts Receivable or Cash Sales Revenue 160 Job Costs, Ending Work in Process During March, Aragon Company worked on three jobs. Data relating to these three jobs follow: Job 78 Job 79 Job 80 Units in each order 260 160 350 Units sold Materials requisitioned $1,820 $4,130 Direct labor hours 176 665 Direct labor cost $4,290 $2,288 $6,517 Overhead is assigned on the basis of direct labor hours at a rate of $7.30 per direct labor hour. During March, Jobs 78 and 79 were completed and transferred to Finished Goods Inventory. Job 79 was sold by the end of the month. Job 80 was the only unfinished job at the end of the month. $816 286