Managerial Accounting: E5-39 Golding Company, a job-order costing firm

Managerial Accounting 
Exercise 5-39 Job-Order Cost Sheets, Balance in Work in Process and Finished Goods 
Golding Company, a job-order costing firm, worked on three jobs in July. Data are as  follows: 
Job 106 Job 107 Job 108 
Balance, July 1 21,310 6,250 - 
Direct materials 10,450 12,300 16,150 
Direct labor 16,000 12,200 24,000 
Machine hours 500 300 1,000 
Overhead is applied to jobs at the rate of $16 per machine hour. By July 31, Jobs 106 and 108 were completed. Jobs 102 and 106 were sold. Job 107 remained in process. On July 1, the balance in Finished Goods was $49,000 (consisting of Job 102 for $25,600 and Job 104 for $23,400). 
Golding prices its jobs at cost plus 30%. During July, variable marketing expenses were 5% of sales, and fixed marketing expenses were $2,000; administrative expenses were $4,800. (Round all amounts to the nearest dollar.) 

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 on July 31. 
3. Calculate the balance in Finished Goods on July 31. 
4. Calculate Cost of Goods Sold for July. 
5. Calculate operating income for Golding Company for the month of July.
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