Custom Cabinetry has one job in process (Job 120) as of June 30, at that time, its job cost sheet reports direct materials of $7,700, direct labor of $3,400, and applied overhead of $2,720. Custom Cabinetry applies overhead at the rate of 80% of direct labor cost. During July, Job 120 is sold (on account) for $26,500, 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. July Product Costs Direct materials Direct labor Overhead applied Job 120 $1,700 2,700 Job 121 $7,400 4,600 Job 122 $2,900 2,700 Total $12,000 10,000 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 # Direct materials Direct labor Overhead Total cost $ 0 $ 0