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Ruggio, Inc. has one job in process (Job 100) as of June 30th; at that...

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Accounting

Ruggio, Inc. has one job in process (Job 100) as of June 30th; at that time its job cost sheet reports direct materials of
$22,000, direct labor of $12,000, and applied overhead of $16,500( $50,500 in work in process inventory at June 30th).
Ruggio applies overhead at 75% of direct material cost. During July, Job 100 is completed and sold on credit for
$100,000, Job 101 is started and completed, and Job 102 is started and still in work in process at the end of July. Ruggio
incurs the following costs during July:
B. Compute the July 31st balances of the Work in Process Inventory and the Finished Goods Inventory accounts.
Assume Finished Goods Inventory has a $0 balance at June 30th. Show all work.
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