Job Order Costing and T-accounts 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 $9,300. 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 $1,200 $350 1,400 2,800 800 3,000 $1,700 $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 72 Job 73 Job 74 Job 75 Beginning balance Direct materials $500 Direct labor Applied overhead 1,400 $1,200 2,800 $350 800 $1,700 3,000 $2,500 4,900 $150 300 Total, July 31 Enter the appropriate numbers to the correct T-accounts for Work-in-Process, Finished Goods and Cost of Goods Sold for each of the following: (Hint: when entering amounts for a transaction that includes more than one job, enter them in order of the job number. That is, if a transaction included amounts for Jobs 70 and 72, the amount for Job 70 would be entered before the amount for Job 72.) a. Recognize the beginning balance of Work in Process and of Finished Goods.