Check my work Exercise 15-5 Manufacturing cost flows LO P1, P2, P3 Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $6,100, direct labor of $4,300, and applied overhead of $3,655. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July, Job 120 is sold (on account) for $30,000, 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. points ellook Total $3,100 $12,100 10,600 July Product Costs Job 120 Job 121 Job 122 Direct materials Direct labor Overhead applied Hint $1,700 3,300 $7,300 4,900 2,400 Ask Print 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.) 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 121 Job # Job 122 3,100 $ 2,400 Direct materials Direct labor 7,300 4,900 Overhead 5,500 $ Total cost 12,200