3. Calculate the cost of goods sold for June.4. Calculate the price charged for Job 39. Round your answer to the nearest cent.5. What if the customer for Job 40 was able to pay for the job by June 307 What would happen to the balance in Finished Goods?What would happen to the balance of Cost of Goods Sold? Job Costs Using a Plantwide Overhead RateNaranjo Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $225,000, and budgeted direct labor hourswere 18,000. The average wage rate for direct labor is expected to be $25 per hour. During June, Naranjo Company worked on four jobs. Data relatingto these four jobs follow:Job 39Job 40Job 41 Job 42Beginning balance$24,300 $34,100 $17,300 $1,000Materials requisitioned16,10020,00011,30014,100Direct labor cost7,20017,1005,9505,000Overhead is assigned as a percentage of direct labor cost. During June, Jobs 39 and 40 were completed; Job 39 was sold at 110 percent of cost.(Naranjo had originally developed Job 40 to order for a customer; however, that customer was near bankruptcy and the chance of Naranjo being paidwas growing dimmer. Naranjo decided to hold Job 40 in inventory while the customer worked out its financial difficulties. Job 40 is the only job inFinished Goods Inventory.) Jobs 41 and 42 remain unfinished at the end of the month.Required:1. Calculate the balance in Work in Process as of June 30.2. Calculate the balance in Finished Goods as of June 30.

Answered: 3. Calculate the cost of goods sold for…

Business

Accounting

3. Calculate the cost of goods sold for June.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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