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Job Costs Using a Plantwide Overhead Rate

Perrin Company designs industrial prototypes for outside companies. Budgeted overhead for the year was $$375,000,$ and budgeted direct labor hours were $25,000.$ The average wage rate for direct labor is expected to be $$30$ per hour. During June, Perrin Company worked on four jobs. Data relating to these four jobs follow:

Job $39$ Job $40$ Job $41$ Job $42$

Beginning balance $$25,000$ $$34,000$ $$15,000$ $$900$

Materials requisitioned $19,80020,6009,00013,000$

Direct labor cost $10,90017,7003,6503,900$

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$.$ Job $40$ is the only job in Finished Goods Inventory and will remain there until the customer accepts delivery and pays. Jobs $41$ and $42$ remain unfinished at the end of the month.

Required:

$1.$ Calculate the balance in Work in Process as of June $30.$

$fill in the blank $1$

$2.$ Calculate the balance in Finished Goods as of June $30.$

$fill in the blank $2$

$3.$ Calculate the cost of goods sold for June.

$fill in the blank $3$

$4.$ Calculate the price charged for Job $39.$ Round your answer to two decimal places.

$fill in the blank $4$

$5.$ What if the customer for Job $40$ was able to pay for the job by June $30?$ What would happen to the balance in Finished Goods?

What would happen to the balance of Cost of Goods Sold?

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