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

The company prices its jobs to make a 50 percent gross profit on sales. Operating expenses for July totaled $7,500, and the company's income tax rate is 15 percent of net income before income taxes.
INSTRUCTIONS
1. From this data, compute the following:
a. Work in Process Inventory, July 1
b. Finished Goods Inventory, July 1
c. Cost of Goods Sold for July
d. Work in Process Inventory, July 31
e. Finished Goods Inventory, July 31
f. Sales for July
2. Prepare a condensed income statement for Nashville Inc., for the month of July.

Transcribed Image Text:

Manufacturing Costs Job Number June July Status of Job JU-688 JU-689 JU-690 JU-691 JU-692 JL-701 L-702 L-703 L-704 S15,000 4,500 1,900 $3,850 4,500 3,200 5,000 7,000 6,000 800 Sold, 7/3 Completed, 6/27 Completed, 7/8 Sold, 7/10 Sold, 7/16 Sold, 7/22 Completed, 7/20 In process, 7/31 In process, 1/31 300