Arnold Company makes cabinets to customer order. Arnold applies overhead at the rate of 20% of direct labor cost. Jobs are marked up at 30% over cost. On July 1, Finished Goods inventory consisted of job 68, costing 19,300. Work in Process inventory consisted of three jobs: Job 70 for $3,200, Job 71 for $1,400, and Job 72 for $700 During the month of July, Arnold worked on six jobs with the following direct materials and direct labor for the month Job 70 Job 71 Job 72 Job 73 Job 74 Job 75 Direct materials Direct labor $500 1.400 $1,200 200 $350 300 51,700 3,000 $2,500 4,900 $150 300 Jobs 70, 71, 73 and 74 were completed during July Jobs 68, 70, 71 and 74 were sold (All completed jobs are first transferred to Finished Goods, then to Cost of Goods Sold as they are sold.) Fill in the following job cost sheet and calculate the total cost by July 31 for each job. Job 70 Job 71 Job 7 Job 73 Job 7 Job 75 Beginning balance 5 Direct materials 5500 $1,200 $350 $1,700 Direct labor 1,400 2,800 Applied overhead Total, July 31 he Enter the appropriate numbers to the correct accounts for work in Process F that i s more than one enter them in order of the number. That is 72 ed Goods and cost of Goods Sold for each of the a transaction included amounts for Jobs 70 and 72 th a rt for transaction d beatened before the amount out fo o a. Recognize the beginning balance of work in Process and othed Goods b. Recognize the use of total direct materials for production for Recognize the use of tot dret for production for c. Recognize the use of total direct labor for production for July d. Recognize the application of overhead to production for July. e. Recognize the completion of each job finished in July. f. Transfer each sold job to COGS. g. Calculate the ending balances of: WIP, Finished Goods, and COGS Work-In-Process (WIP) Finished Goods Cost of Goods Sold SOOS SSSS 3 3 3 31 | (9) Sales revenue for Amold in July is $ Use the Interactive Graph to answer the following questions: If direct labor added to Job 73 equaled $2,400, the ending balances of each of the following accounts would be affected in what way? Work in Process Select your answer - Finished Goods Cost of Goods Sold Sales Revenue - Select your answer Select your answer Select your answer If the overhead rate based on direct labor was 40%, the ending balances of each of the following accounts would be affected in what way? Work in Process Select your answer Finished Goods Select your answer ( () (9) Sales revenue for Arnold in July is $ Use the Interactive Graph to answer the following questions: If direct labor added to Job 73 equaled $2,400, the ending balances of each of the following accounts would be affected in what way? Work in Process - Select your answer Finished Goods - Select your answer Cost of Goods Sold Select your answer Sales Revenue - Select your answer If the overhead rate based on direct labor was 40%, the ending balances of each of the following accounts would be affected in what way? Work in Process - Select your newer Finished Goods Cost of Goods Sold Sales Revenue - Select your answer Select your answer Select your