Exercise $4-46$ Job$-$Order Cost Sheets, Balance in Work in Process and Finished

Goods

Prull Company, a job$-$order costing firm, worked on three jobs in July. Data are as follows:

Overhead is applied to jobs at the rate of $$10$ per machine hour. By July $31,$ Jobs $86$ and $88$ were

completed. Jobs $82$ and $86$ were sold. Job $87$ remained in process. On July $1,$ the balance in

Finished Goods was $$49,000($consisting of Job $82$ for $$25,600$ and Job $84$ for $$23,400).$

Prull prices its jobs at cost plus $20\%.$ During July, variable marketing expenses were $4\%$ of

sales, and fixed marketing expenses were $$1,275$; administrative expenses were $$3,900.($Round

all amounts to the nearest dollar.$)$

Required:

Prepare job$-$order cost sheets for all jobs in process during July, showing all costs through

July $31.$

Calculate the balance in Work in Process on July $31.$

Calculate the balance in Finished Goods on July $31.$Along with its transferred in and sold should equal ending balance

Calculate Cost of Goods Sold for July.

Calculate operating income for Prull Company for the month of July.