Job-Order Cost Sheets, Balance in Work in Process and Finished Goods Golding Company, a job-order costing firm, worked on three jobs in July. Data are as follows: Balance, July 1 Direct materials Direct labor Machine hours Job 106 $21,310 $10,450 $16,000 500 Job 107 $6,250 $12,300 $12,200 300 Job 108 $0 $16,150 $24,000 1,000 Overhead is applied to jobs at the rate of $16 per machine hour. By July 31, Jobs 106 and 108 were completed. Jobs 102 and 106 were sold. Job 107 remained in process. On July 1, the balance in Finished Goods was $49,000 (consisting of Job 102 for $25,600 and Job 104 for $23,400). Golding prices its jobs at cost plus 30%. During July, variable marketing expenses were 5% of sales, and fixed marketing expenses were $2,000; administrative expenses were $4,800. (Round all amounts to the nearest dollar.) Refer to the list below for the exact wording of text items within your job-order sheets. Amount Descriptions Applied overhead Beginning balance Direct labor Direct materials Total 1. Prepare job-order cost sheets for all jobs in process during July, showing all costs through July 31. Refer to Amount Descriptions for the exact wording of text items within your job-order cost sheets. All amount cells must have an entry, enter zeros as needed. Golding Company Job-Order Cost Sheets For the Month of July Job 106 Job 107 Job 108 2 Beginning balance 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. 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 Golding Company for the month of July. The operating income for the month of July is $