(Solved): Job Costs Using a Plantwide Overhead Rate Naranjo Company designs industrial prototypes for outside ...

Job Costs Using a Plantwide Overhead Rate Naranjo Company designs industrial prototypes for outside companies. Budgeted overhead for the year was \( \$ 212,500 \), and budgeted direct labor hours were 17,000. The average wage rate for direct labor is expected to be 525 per hour. During June, Naranjo Company worked on four jobs. Data relating to these four jobs follow: Overhead is assigned as a percentage of direct labor cost. During June, Jobs 39 and 40 were completed; Job 39 was sold at 125 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 paid was growing dimmer. Naranjo decided to hold Job 40 in inventory while the customer worked out its financial difficulties. Job 40 is the only job in Finished Goods Inventory.) 3obs 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 . \$ 3. Calculate the cost of goods soid for June. 4 4. Calculate the price charged for Job 39. Round your answer to the nearest cent. 1 5. What if the customer for Job 40 was able to pay for the job by lune 30 ? What would happen to the balance in Finished Goods? What would happen to the balance of Cost of Goods Sold? D nare Droab My Whit wan whorers