Jamal Company began operations on July 1, 2013. Information from job cost sheets shows the following:

Job 102 was completed in July. Job 100 was completed in August, and Jobs 101 and 103 were completed in September. Each job was sold for 80% above its cost in the month following completion.
Requirements 1. Compute the balance in Work-in-Process Inventory at the end of July.
2. Compute the balance in Finished Goods Inventory at the end of September.
3. Compute the gross profit for August.
Learning Objectives 3, 5 2. Underallocated by $15,500 Learning Objective 4 3. Gross Profit $4,000

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Job No. 100 101 102 103 104 Manufacturing July $ 12,000 8,800 5,000 Costs Assigned August $ 8,800 9,700 11,800 5,800 September $ 12,000 6,000 7,000