9 THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 1-9. Quiz Company reported work-in-process inventory on July 1 as follows. Direct materials Directs labor Applied overhead Job 697 Job 698 Job 699 $1,600 $2,000 $850 1,900 1,300 900 1,425 975 675 During July, Quiz Company purchased $12,000. Also during the month, Jobs 701, 702, 703, and 704 were started into production. Information from the materials requisition forms and job time tickets for all jobs processed during July was as follows. Direct materials Directs labor Job 697 $800 Job 698 Job 699 Job 701 Job 702 Job 703 Job 704 $1,235 $3,550 $5,000 $300 $560 $80 1,000 1,400 2,200 1,800 600 860 172 Overhead is applied at a rate of 75% of direct labor cost. Quiz Company completed Jobs 697, 698, 699, and 701 during July. Jobs 697 and 698 were delivered and the customers billed for cost plus 20%. There was no finished goods inventory as of August 1. Actual overhead costs for July totaled $6,000. The overhead variance is considered immaterial. The balance of finished goods inventory as of July 31 would be Note: Give your answer using dollar signs and commas but no decimal points (cents). Example: $12,345