OBJECTIVE 4 Exercise 5-18 Job-Order Cost Sheets, Balance in Work in Process and Finished Goods Berne Company, a job-order costing firm, worked on three jobs in July. Data are as follows: Chapter 6 Job-Order Costing 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. 5. Prepare an income statement for Berne Company for the month of July