Kapoor Company uses job-order costing. On July 1, Kapoor's Work-In-Process inventory account consisted of three jobs with the following information: Job 101 $1,500 Balance as of July 1st Job 102 $320 Job 103 $2,400 During July, Kapoor had the following transactions to record: (a) Materials purchased on account, $7,250 (b) Materials requisitioned: Job 101, $1,200; Job 102, $3,000; and Job 103, $2,560. (c) Job tickets were collected and summarized: Job 101, 150 hours at $12 per hour; Job 102, 220 hours at $14 per hour; and Job 103, 80 hours at $18 per hour. (d) Overhead is applied on the basis of direct labor hours and the predetermined overhead rate is $10 per direct labor hour. (e) Actual overhead incurred during the period was $4,800. (f) Job 101 was shipped and the customer was billed for 150% of the cost. (g) Job 103 was finished but not sold yet. Which of the following would be FALSE according to the transactions recorded in July? The balance of Finished Goods on July 31 is $7,200 O The selling price of the job sold is $9,000. The balance of Work-In-Process on July 31 is $8,600. The Cost of Goods Sold reported in July is $4,500