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 $4,000, on account. Transferred 60% of the raw materials purchased on August 4 into production. Incurred direct labor costs of $3,000. Factory overhead is applied at 40% of the direct labor cost. Transferred completed awnings with total assigned costs of $4,400 to finished goods. Sold and delivered half of the finished goods (from August 9) to a customer for $4,000 cash. GENERAL JOURNAL Date 8-4-X5 8-8-X5 8-9-X5 8-10-X5 8-10-X5 Accounts To record purchase of raw materials To transfer raw materials to production, record direct labor costs on job, and apply overhead at the predetermined rate To transfer completed units to finished goods inventory To record sale of finished awning for $4,000 To transfer finished goods to cost of goods sold Debit Page 1 Credit