Reference no: EM132560469

Hickerson Corp. had the following data for July:

COSTS FOR JULY

                       Balance            Direct         Direct         Applied

Job #               on July 1          Materials   Labor Mfg.  Overhead

10             $3000           $200         $400       $200

11 2000

12              2400            800           1200         600

13             4000                200            500        250

14           ---------        1400         2000          1000

               11,400             2600           4100         2050

Actual mfg. overhead incurred during July was $2400. During July, Jobs 10 and 12 were completed and Jobs 11 and 12 were sold to customers. Jobs 13 and 14 were still in process on July 31.

Question 1: Determine the July 31 balance in:

Work in Process: ____________ Finished Goods: ____________

Question 2: What is the balance in Cost of Goods Sold at July 31 after any underapplied or overapplied overhead is closed out entirely to Cost of Goods Sold?