Job Costs Using a Plantwide Overhead Rate Naranjo Company designs industrial prototypes for outside companies, Budgeted overhead for the year was $262,500, and budgeted direct labor hours were 21,000. The average wage rate for direct labor is expected to be 525 per hour. During June, Naranjo Company worked on four jobs. Data relating to these four jobs follows Job 39 Job 40 Job 41 Job 42 Beginning balance 523,400 $35,700 $18,600 5900 Materials requisitioned 16,200 21,000 13,400 13,500 Direct labor cost 7.300 18,100 3,050 4,400 Overhead is assigned as a percentage of direct labor cost. During June, Jobs 39 and 40 were completed; Job 39 was sold at 110 percent of cost. (Naranjo had originally developed Job 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 culties Job is the only job in shed Goods Inventory) Jobs 41 and 42 remain onnished at the end of the month Required: 1. Calculate the balance in Work in Process as of June 30 2. Calculate the balance in Finished Goods as of June 30, 3. Calculate the cost of goods sold for June 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. 2. Calculate the balance in Finished Goods as of June 30. 3. Calculate the cost of goods sold for lune. 1. Calculate the price charged for Job 39. Round your answer to the nearest cont. 5. What if the customer for Job 40 was able to pay for the job by June 307 What would happen to the balance in Finished Goods? What would happen to the balance of Cost of Goods Sold