As of June 30th, Howard Company has one job in process (Job A). On that date (June 30), Howard Company's job cost sheet reports direct materials of $6,100, direct labor of $3,000, and applied overhead of $2,700. Howard applies overhead at the rate of 90% of direct labor cost. During the month of July, Job Als sold on account for $23,000, Job B is started and completed, and Job Cis started and still in process at the end of the month. During July, Howard incurs the following costs: July Product Costa Direct materials Direct labor Overbead applied Job Job $1,800 $7.600 2,800 4.500 2 Job c Total $2,600 $12,000 3,700 11,000 2 1. Prepare the journal entries for the following items in July a. Direct materials used in production b. Direct labor used in production c. Overhead applied d. The sale of Job A. e Cost of goods sold for Job A. 2. Compute the July 31st balances of the WIP Inventory and the Finished Goods Inventory accounts. You are to assume that there are no jobs in Finished Goods Inventory as of June 30th. Complete this question by entering your answers in the tabs below. Required Required 2 Prepare journal entries for the above transactions in July View transaction Bat Journal entry worksheet Record the entry to assign direct materials to job, De Reconomy As of June 30th, Howard Company has one job in process (Job A). On that date (June 30), Howard Company's job cost sheet reports direct materials of $6,100, direct labor of $3,000, and applied overhead of $2,700. Howard applies overhead at the rate of 90% of direct labor cost. During the month of July, Job A is sold on account for $23,000, Job B is started and completed, and Job Cis started and still in process at the end of the month. During July, Howard incurs the following costs: July Product Costs Direct materials Direct labor Overhead applied Job Job 3 $1,800 $7,600 2,800 4,500 Job a $2,600 3,700 7 Total $12,000 11,000 2 1. Prepare the journal entries for the following items in July a. Direct materials used in production b. Direct labor used in production. c. Overhead applied d. The sale of Job A. e. Cost of goods sold for Job A. 2. Compute the July 31st balances of the WIP Inventory and the Finished Goods Inventory accounts. You are to assume that there are no jobs in Finished Goods Inventory as of June 30th. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory general ledger accounts (Assume there are no jobs in Finished Goods Inventory as of June 30.) Work in Process Finished Goods Job Direct mais Direct labor Overhead Total cool