Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $8,300, direct labor of $4,400, and applied overhead of $3,960. Custom Cabinetry applies overhead at the rate of 90% of direct labor cost. During July, Job 120 is sold (on account) for $31,500, 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 Job 121 Job 122 $2,300 $7,100 $4,100 3,300 5,000 3,800 ? 7 ? Total $13,500 12,100 ? 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 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 # Direct materials Direct labor Overhead Total cost $ 0 $ 0 Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries for the above transactions in July. No Transaction General Journal Debit Credit 1 a 13,500 Work in process inventory Raw materials inventory 13,500 2 2 b. Work in process inventory Factory wages payable lo 12,100 12,100 3 c. 8,360 Work in process inventory Factory overhead 8,360 X 4 d. 31,500 Accounts receivable Sales 31,500 Required 1 Required 2