Check 4 Custom Cabinetry has one Job in process (Job 120) as of June 30, ot that time, its job cost sheet reports direct materials of $6,000, direct labor of $2,800, and applied overhead of $2,240. Custom Cabinetry applies overhead at the rate of 80% of direct labor cost. During July, Job 120 is sold (on account) for $22,000, 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 ats July Product Couto Job 120 Job 121 Job 122 Total Diret materials $1,000 $6,000 $2,500 $9,500 Direct labor 2.200 3,700 2,100 3.000 Overhead applied 7 7 > int P Reference 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 sale 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 are no Jobs in Finished Goods Inventory as of June 30.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prear ournal entries for the above transions in G Chapter 15 Homework Saved Hel 4 Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $6,000. direct labor of $2,800, and applied overhead of $2,240. Custom Cabinetry applies overhead at the rate of 80% of direct labor cost. During July, Job 120 is sold (on account) for $22,000, 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 10 Doints Doo July Product Conts Job 120 Job 121 Job 122 Direet materials $1,000 66,000 $2,500 Direct labor 2,200 3,700 2,100 Overhead applied 2 7 2 Total $9,500 0,000 2 Him Print References 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 sale 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 are no jobs in Finished Goods Inventory as of June 30.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare Journal entries for the above transactions in July MC