Chap 15 Homework 2 Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $8,000. direct labor of $3,700, and applied overhead of $2.960 Custom Cabinetry applies overhead at the rate of 80% of direct labor cost During July, Job 120 is sold (on account for $23,500, Job 121 is started and completed, and Job 122 is started and still in process at the end of the month. Custom Cabinetry incurs the following costs during July 122 Total $3,200 $13,500 125 Jily Product Coats Jab 120 121 Direct material $2,900 $7,400 Direct labor 3,800 4.330 3,100 Overhead applied P 0 elec 1. Prepare journal entries for the following in July a. Direct materials used in production b. Direct labor used in production e. Overhead applied d. The sale of Job 120 e. Cost of goods sold for Job 120 2. Compute the July 31 belances of the Work in Process Inventory and the Finished Goods Inventory accounts. (Assume there are no jobs in Finished Goods Inventory as of June 30) Complete this question by entering your answers in the tabs below. 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) " A 120 13.000 10800 O esc MO 1 ! @ 2 Q A M #3 < Prev 2.8 Next > MacBook Pro 54 G Search or type URL % 85 6 < 0 S E R D &7 . 8 * T Y U 61 1 O LL F G H J K Z X C V B N M