{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-28T07:49:45-04:00", "answer_date": "2024-06-28 07:49:45", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4266837", "url": "\/study-help\/questions\/custom-cabinetry-has-one-job-in-process-job-120-as-4266837", "question_creation_date_js": "2024-06-28T07:49:45-04:00", "question_creation_date": "Jun 28, 2024 07:49 AM", "meta_title": "[Solved] Custom Cabinetry has one job in process ( | SolutionInn", "meta_description": "Answer of - Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct mater | SolutionInn", "meta_keywords": "custom,cabinetry,one,job,process,120,june,30,time,cost,sheet,reports", "question_title_h1": "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,", "question_title": "Custom Cabinetry has one job in process (Job 120) as of June", "question_title_for_js_snippet": "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 $3,500, and applied overhead of $3,150 Custom Cabinetry applies overhead at the rate of 90 of direct labor cost During July, Job 120 is sold (on account) for $27,000, 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 July Product CostsJob 120Job 121Job 122TotalDirect materials$2,700$8,500$4,300$15,500Direct labor2,6003,8003,1009,500Overhead applied 1 Prepare journal entries for the following in July Direct materials used in production Direct labor used in production Overhead applied The sale of Job 120 Cost of goods sold for Job 120 2 Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts (Assume there are no jobs in Finished Goods Inventory as of June 30 ) How do you get the answer for 1 5 ", "question_description": "

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 $3,500, and applied overhead of $3,150. Custom Cabinetry applies overhead at the rate of 90% of direct labor cost. During July, Job 120 is sold (on account) for $27,000, 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.<\/p>

<\/p>

July Product CostsJob 120Job 121Job 122TotalDirect materials$2,700$8,500$4,300$15,500Direct labor2,6003,8003,1009,500Overhead applied????<\/p>

<\/strong><\/p>

1.<\/strong>Prepare journal entries for the following in July.<\/p>

  1. Direct materials used in production.<\/strong><\/li>
  2. Direct labor used in production.<\/strong><\/li>
  3. Overhead applied.<\/strong><\/li>
  4. The sale of Job 120.<\/strong><\/li>
  5. Cost of goods sold for Job 120.<\/strong><\/li> <\/ol>

    2.<\/strong>Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (Assume there are no jobs in Finished Goods Inventory as of June 30.)<\/p>

    <\/p>

    How do you get the answer for 1 - 5?<\/p>", "transcribed_text": "", "related_book": { "title": "Income Tax Fundamentals 2013", "isbn": "1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516", "edition": "31st Edition", "authors": "Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/1124.jpg", "uri": "\/textbooks\/income-tax-fundamentals-2013-31st-edition-9781285586618", "see_more_uri": "" }, "free_related_book": { "isbn": "B0CV85FV98", "uri": "\/textbooks\/science-not-assumption-the-true-purpose-of-the-great-pyramid-1st-edition-979-8876083777-290450", "name": "Science Not Assumption The True Purpose Of The Great Pyramid", "edition": "1st Edition" }, "question_posted": "2024-06-28 07:49:45", "see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/on-july-18-2014-amos-corporation-granted-nontransferable-options-to", "description": "On July 18, 2014, Amos Corporation granted nontransferable options to certain key employees as additional compensation. 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