Job Costs Using a Plantwide Overhead Rate

Naranjo Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $360,000, and budgeted direct labor hours were 24,000. The average wage rate for direct labor is expected to be $30 per hour. During June, Naranjo Company worked on four jobs. Data relating to these four jobs follow:

	Job 39	Job 40	Job 41	Job 42
Beginning balance	$24,300	$32,300	$19,600	$1,400
Materials requisitioned	17,700	20,800	13,600	14,500
Direct labor cost	8,800	17,900	8,250	5,400

Overhead is assigned as a percentage of direct labor cost. During June, Jobs 39 and 40 were completed; Job 39 was sold at 115 percent of cost. (Naranjo had originally developed Job 40 to order for a customer; however, that customer was near bankruptcy and the chance of Naranjo being paid was growing dimmer. Naranjo decided to hold Job 40 in inventory while the customer worked out its financial difficulties. Job 40 is the only job in Finished Goods Inventory.) Jobs 41 and 42 remain unfinished at the end of the month.

Required:

1. Calculate the balance in Work in Process as of June 30.

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2. Calculate the balance in Finished Goods as of June 30.

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3. Calculate the cost of goods sold for June.

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4. Calculate the price charged for Job 39. Round your answer to the nearest cent.

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