Overhead Application and Job-Order Costing

Heurion Company is a job-order costing firm that uses a plantwide overhead rate based on direct labor hours. Estimated information for the year is as follows:

Overhead	$789,000
Direct labor hours	100,000

Heurion worked on five jobs in July. Data are as follows:

	Job 741	Job 742	Job 743	Job 744	Job 745
Balance, July 1	$29,870	$55,215	$27,880	$0	$0
Direct materials	$25,500	$39,800	$14,450	$13,600	$8,420
Direct labor cost	$61,300	$48,500	$28,700	$24,500	$21,300
Direct labor hours	4,000	3,400	1,980	1,600	1,400

By July 31, Jobs 741 and 743 were completed and sold. The remaining jobs were in process.

	Required:
1.	Calculate the plantwide overhead rate for Heurion Company. Round to the nearest cent.
2.	Prepare job-order cost sheets for each job showing all costs through July 31. Round all amounts to the nearest dollar.
3.	Calculate the balance in Work in Process on July 31.
4.	Calculate Cost of Goods Sold for July.