Cool Sun produces awnings and screens. Prepare journal entries to reflect the following transactions. After you complete the entries, determine the amount to include in...

Question 3 (B-19.06 Journal entries for job costing) Cool Sun produces awnings and screens. Prepare journal entries to reflect the following transactions. After you complete the entries, determine the amount to include in raw materials, work in process, and finished goods. Aug. 4, 20X5 Aug. 8, 20X5 Aug. 8, 20X5 Aug. 9, 20X5 Aug. 10, 20X5 Purchased fabric and aluminum to be used in the manufacturing process. The purchase price was $3,000, on account. Transferred 50% of the raw materials purchased on August 4 into production. Incurred direct labor costs of $2,000. Factory overhead is applied at 30% of the direct labor cost. Transferred completed awnings with total assigned costs of $3,300 to finished goods. Sold and delivered half of the finished goods (from Aug. 9) to a customer for $3,000 cash