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:

Job $86$ Job $87$ Job $88$

Balance, July $1$ $$21,320$ $$6,310$ $$0$

Direct materials $$10,510$ $$12,360$ $$16,250$

Direct labor $$15,990$ $$12,300$ $$23,910$

Machine hours $5003101,020$

Overhead is applied to jobs at the rate of $$15$ per machine hour. By July $31,$ Jobs $86$ and $88$ were completed. Jobs $82$ and $86$ were sold. Job $87$ remained in process. On July $1,$ the balance in Finished Goods was $$49,010($consisting of Job $82$ for $$25,590$ and Job $84$ for $$23,420).$

Prull prices its jobs at cost plus $30\%.$ During July, variable marketing expenses were $4\%$ of sales, and fixed marketing expenses were $$1,950$; administrative expenses were $$4,750.($Round all amounts to the nearest dollar.$)$

Required:

Question Content Area

$1.$ 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.

Prull Company

Job$-$Order Cost Sheets

For the Month of July

Job $86$ Job $87$ Job $88$

Balance, July $1$ $fill in the blank $103$af$8$fd$704300$b$\_1$

$21,320$

$fill in the blank $103$af$8$fd$704300$b$\_2$

$6,310$

$fill in the blank $103$af$8$fd$704300$b$\_3$

$0$

Direct materials fill in the blank $103$af$8$fd$704300$b$\_4$

$10,510$

fill in the blank $103$af$8$fd$704300$b$\_5$

$12,360$

fill in the blank $103$af$8$fd$704300$b$\_6$

$16,250$

Direct labor fill in the blank $103$af$8$fd$704300$b$\_7$

$15,990$

fill in the blank $103$af$8$fd$704300$b$\_8$

$12,300$

fill in the blank $103$af$8$fd$704300$b$\_9$

$23,910$

Applied overhead fill in the blank $103$af$8$fd$704300$b$\_10$

$7,500$

fill in the blank $103$af$8$fd$704300$b$\_11$

$4,650$

fill in the blank $103$af$8$fd$704300$b$\_12$

$15,300$

Total $fill in the blank $103$af$8$fd$704300$b$\_13$

$55,320$

$fill in the blank $103$af$8$fd$704300$b$\_14$

$35,620$

$fill in the blank $103$af$8$fd$704300$b$\_15$

$55,460$

Question Content Area

$2.$ Calculate the balance in Work in Process on July $31.$

The balance in Work in Process on July $31$ is $fill in the blank $293$efe$00$b$05$df$7$f$\_1$

$35,620$

$.$

$3.$ Calculate the balance in Finished Goods on July $31.$

The balance in Finished Goods on July $31$ is $fill in the blank $293$efe$00$b$05$df$7$f$\_2$

$.$

$4.$ Calculate Cost of Goods Sold for July.

The cost of goods sold for July is $fill in the blank $293$efe$00$b$05$df$7$f$\_3$

$.$

$5.$ Calculate operating income for Prull Company for the month of July.

The operating income for the month of July is $fill in the blank $293$efe$00$b$05$df$7$f$\_4$

$.$