The job order cost sheets for Nash Inc. show the following information about special orders for June and July of the current year:

Manufacturing Costs

Job Number June July Status of Job

JU$688$ $ $15,900$ Sold, $7/3$

JU$6894,100$ Completed, $6/27$

JU$6901,700$ $ $4,000$ Completed, $7/8$

JU$6911,3004,100$ Sold, $7/10$

JU$6923003,800$ Sold, $7/16$

JL$7015,800$ Sold, $7/22$

JL$7027,500$ Completed, $7/20$

JL$7035,400$ In process, $7/31$

JL$704700$ In process, $7/31$

The company prices its jobs to make a $50$ percent gross profit on sales. Operating expenses for July totaled $$8,500,$ and the company$$s income tax rate is $15$ percent of net income before income taxes.

Required:

From this data, compute the following:

Work in Process Inventory, July $1$

Finished Goods Inventory, July $1$

Cost of Goods Sold for July

Work in Process Inventory, July $31$

Finished Goods Inventory, July $31$

Sales for July

Prepare a condensed income statement for Nash Inc. for the month of July.