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: Job 106 Job 107 Job 108 Balance, July 1 $21,400 $6,340 $0 Direct materials $10,520 $12,380 $16,230 Direct labor $16,000 $12,190 $24,000 Machine hours 520 290 1,020 Overhead is applied to jobs at the rate of $17 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 $48,980 (consisting of Job 102 for $25,600 and Job 104 for $23,380). Golding prices its jobs at cost plus 30%. During July, variable marketing expenses were 3% of sales, and fixed marketing expenses were $2,050; administrative expenses were $4,820. (Round all amounts to the nearest dollar.)

Golding Company

Job-Order Cost Sheets

For the Month of July

1		Job 106	Job 107	Job 108
2	Beginning balance	21400	6340	0
3	Direct Materials	10520	12380	16230
4	Direct Labor	16000	12190	24000
5	Applied Overhead
6	Total

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 .