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. 4,205 Purchased fabric and aluminum to be used in the manufacturing process. The purchase price was $4,000, on account. Aug. 8,205 Transferred 60% of the raw materials purchased on August 4 into production. Aug. 8,205 Incurred direct labor costs of $3,000. Factory overhead is applied at 40% of the direct labor cost. Aug. 9, 20x5 Transferred completed awnings with total assigned costs of $4,400 to finished goods. Aug. 10, 20x5 Sold and delivered half of the finished goods (from August 9) to a customer for $4,000 cash. GENERALJOURNAL Page 1 \begin{tabular}{|c|} \hline Date \\ \hline 8-4-X5 \\ \hline \end{tabular} 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 810X5 To transfer finished goods to cost of goods sold