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K Corporation started July with Job #2 having $6,440 in direct materials and direct labor and overhead invested so far AND Job #3 having $2,750

K Corporation started July with Job #2 having $6,440 in direct materials and direct labor and overhead invested so far AND Job #3 having $2,750 in direct materials and direct labor and overhead invested so far.

During July, Job #2 did not need any additional materials. During July, Job #3 requisitioned additional materials costing $3,300. Job #4 was a new job started requisitioning materials of $14,190. Job #5 was a new job started requisitioning materials of $10,560.

During July, Job #2 used 150 direct labor hours at a cost of $25 per hour, Job #3 used 950 direct labor hours at a cost of $25 per hour, Job #4 used 1,350 direct labor hoursat a cost of $25 per hour, and Job #5 used 875 direct labor hours at a cost of $25 per hour.

During July, overhead was applied to jobs at a rate of $7 per direct labor hour.

During July, Job #2 was completed and sold. During July, Job #3 and Job #4 were completed. Job #5 was not yet finished by July 31.

In the Short Answer Box provided, answer three questions: (1) How much was Cost of Goods Sold for July? (2) How much was Finished Goods on July 31? (3) How much was Ending Work-in-Process Inventory on July 31? Please put the question number with each answer.

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