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I need help with #5, the last question. Job-Order Cost Sheets, Balance in Work in Process and Finished Goods Prull Company, a job-order costing firm,
I need help with #5, the last question.
Job-Order Cost Sheets, Balance in Work in Process and Finished Goods Prull Company, a job-order costing firm, worked on three jobs in July. Data are as follows: Overhead is applied to jobs at the rate of $16 per machine hour. By July 31 , Jobs 86 and 88 were completed. Jobs 82 and 86 were sold. Job 87 remained in process. On July 1, the balance in Finished Goods was $48,980 (consisting of Job 82 for $25,600 and Job 84 for $23,380). Prull prices its jobs at cost plus 30\%. During July, variable marketing expenses were 5% of sales, and fixed marketing expenses were $2,040; administrative expenses were $4,770. (Round all amounts to the nearest dollar.) 1. Prepare job-order cost sheets for all jobs in process during July, showing all costs through July 31 . All amount cells must have an entry; enter zeros as needed. 2. Calculate the balance in Work in Process on July 31. The balance in Work in Process on July 31 is \$ 3. Calculate the balance in Finished Goods on July 31. The balance in Finished Goods on July 31 is $ 4. Calculate Cost of Goods Sold for July. The cost of goods sold for July is 2. Calculate the balance in Work in Process on July 31. The balance in Work in Process on July 31 is \$ 3. Calculate the balance in Finished Goods on July 31 . The balance in Finished Goods on July 31 is \$ 4. Calculate Cost of Goods Sold for July. The cost of goods sold for July is $ 5. Calculate operating income for Prull Company for the month of July. The operating income for the month of July is $ X. Feedback Check My Work Use the Job Order Cost Sheets to determine ending balances in WIP and finished goods based on what jobs are still in process and which jobs are completed and unsold. Use the Job Order Cost Sheets to determine Cost of Goods Sold. Use the pricing strategy to determine sales and the information provided for selling and administrative expenses with the preceding amount for cost of goods sold to determine operating income for the period. Review the "How to Prepare Brief Job-Order Cost Sheets" example in the textStep by Step Solution
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