1. Basic job Costing (50 points)

• Our company makes customized jewelry
• Customer 101 orders a ring (job 101). It requires 3.5 grams of 14k gold, 1 diamond and 1 rubies.
• Customer 102 orders a pendant (job 102). It requires 3 grams of 14 k gold, and 3 rubies.
• Purchasing buys 1,000 grams of 14k gold for $43,000. 10 diamonds for $32,000, and 10 rubies for $13,000.
• For the month, the company had factory labor costs of $240,000 and 10,000 hours.

USE EXCEL

1. Enter the journal entry for the purchases/receivings.
2. Enter the journal entry for the direct materials requisitions (by job).
3. Prepare the journal entry for factory payroll.
4. Enter the journal entry for direct labor. Job 101 required 6 hours of labor. Job 102 required 8 hours of labor (by job) (hint: compute the average rate).
5. 40 grams of gold went to indirect materials. Prepare the journal entry
6. 30 hours of labor went to indirect labor. Prepare the journal entry.
7. Overhead is applied at a rate of 120% of direct materialsANDdirect laborCOSTS. Show the journal entries. (by job)
8. Show the journal entry for the completion foreach job.
9. Assume the company has a 20% markup. What is the price ofeach job?
10. Show Sales, CGS and Gross Profit in income statement format for the two jobs (by job)?

I have number 1-7 down i just need to be shown how to do number 7 specifically and then 8-10. Thank you so much for your help