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THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 1 - 11. Test Company uses a normal, job-order cost system to determine product cost. The following jobs
THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 1 - 11. Test Company uses a normal, job-order cost system to determine product cost. The following jobs were in process on July 1. Direct materials Direct labor Applied overhead Job 603 Job 604 Job 605 $1,600 $1,200 $800 2,000 1,500 1,000 1,500 1,125 750 During July, Test Company completed Jobs 603 and 604 and began production on Jobs 701 and 702. Jobs 605, 701, and 702 were still in process on July 31. There was on finished goods inventory on July 1. Test Company delivered Job 603 and billed the customer for cost plus 20%. The following costs were added to production during July. Direct materials Direct labor Applied overhead Job 603 Job 604 Job 605 Job 701 Job 702 $850 $1,000 $1,200 $650 $500 1,000 1,500 1,600 800 600 750 1,125 1,200 600 450 Actual overhead cost for July totaled $4,250. The overhead variance is considered immaterial. Determine the cost of goods manufactured for July. Note: Give your answer using dollar signs and commas but no decimal points (cents)
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