Exercise 5-18 Job-Order Cost Sheets, Balance in Work in Process and Finished Gol. Berne Company, a job-order costing firm, worked on three jobs in July. Data are as folloris: Overhead is applied to jobs at the rate of $20 per machine hour. By July 31 , Jobs 73 and 75 were completed. Jobs 70 and 73 were sold. Job 74 remained in process. On July 1 , the balance in Finished Goods was $49,000 (consisting of Job 70 for $19,000 and Job 72 for $30,000 ). Berne prices its jobs at cost plus 30 percent. During July, variable marketing expenses were 10 percent of sales, and fixed marketing expenses were $2,000; administrative expenses were $4,800. Required: 1. Prepare job-order cost sheets for all jobs in process during July, showing all costs through July 31 2. Calculate the balance in Work in Process as at July 31 . 3. Calculate the balance in Finished Goods as at July 31 . 4. Calculate Cost of Goods Sold for July. Prepare ati income statement for Berne Company for the month of July