Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $7,600, direct labor of $3,300, and applied overhead of $2.640. Custom Cabinetry applies overhead at the rate of 80% of direct labor cost. During July, Job 120 is sold (on account) for $23,500, 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 Direct materials Direct labor Overhead applied $1,900 $8,300 $4,300 $14,500 3,300 5,000 3,900 12,200 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 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 Prepare journal entries for the above transactions in July 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 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 Prepare journal entries for the above transactions in July View transaction list View journal entry worksheet Debit Credit No Transaction General Journal 14,500 Work in process inventory Raw materials inventory a. 14,500 b.Work in process inventory Factory wages payable 12,200 12,200 Required 2 Required 1 Prepare journal entries for the above transactions in July. View transaction list View journal entry worksheet No Transaction General Journal Debit Credit Work in process inventory Raw materials inventory a. 14,500 14,500 b. Work in process inventory Factory wages payable 12,200 12,200 Work in process inventory C. 9,760 Factory overhead 9,760 d. Accounts receivable 23,500 Sales 23,500 Cost of goods sold 36,460 Finished goods inventory 36,460 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 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 # Job 120 1,900 3,300 2,640 7,840 $ Direct labor Overhead Total cost K Required 1
