Chap 15 Homework 2 Custom Cabinety has one job in process Job 120) as of June 30, at that time, as 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 25 Foly Trediet conto 20 Jobb Direct materiale 92, 930 $7,400 03.200 Direct LARGE 2,890 4,360 3.700 overhead applied 2 > Total $13,500 10,000 1. Prepare journal entries for the following in July a. Direct materials used in production b. Direct labor used in production c. Overhead applied d. The sole of Job 120 e. Cost of goods sold for Job 120 2. Compute the July 31 balances of the Work in Process Inventory and the finished Goods Inventory accounts. (Assume there jobs in Finished Goods Inventory as of June 30) Pin ino 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 30.3 Work in Process Finished Goods Joti 120 Job 120 Den materials 5 13500 Direct labor 10.800 Overhead 6.640 TO CON $ 329405 Total $13,500 10,000 1. Prepare journal entries for the following in July a. Direct materials used in production b. Direct labor used in production c. Overhead applied d. The sole of Job 120 e. Cost of goods sold for Job 120 2. Compute the July 31 balances of the Work in Process Inventory and the finished Goods Inventory accounts. (Assume there jobs in Finished Goods Inventory as of June 30) Pin ino 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 30.3 Work in Process Finished Goods Joti 120 Job 120 Den materials 5 13500 Direct labor 10.800 Overhead 6.640 TO CON $ 329405