Custom Cabinetry has one job in process (Job 120) as of June 30, at that time, its job cost sheet reports direct materials of $7.800. direct labor of $4,300, and applied overhead of $3.440 Custom Cabinetry applies overhead at the rate of 80% of direct labor cost. During July, Job 120 is sold (on account for $25.000, 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 ts July Product Costs Direct materials Direct labor Overhead applied Job 120 $2,300 3,500 7 Job 121 Job 122 $7,100 $4,309 4,500 3,400 2 Total $14,200 11,400 1. Prepare journal entries for the following in July o. 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) Answer is complete but not entirely correct. 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 Debit Credit 1 General Journal Work in process inventory Raw materials inventory 14200 DO 14.200 2 b 11.400 Work in process inventory Factory wages payable 11.400 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. (Assu Jobs in Finished Goods Inventory as of June 30.) Answer is complete but not entirely correct. 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 Credit 1 Work in process Inventory Raw materials inventory Debit 14,200 14200 2 b Work in process inventory Factory wages payable 11,400 11,400 3 C Work in process inventory Factory overhead 7.989 7.989 4 d Accounts receivable Sales 25,000 25,000 5 o Cost of goods sold Finished goods inventory 24.290 24.290 RE Required 2 > Overhead applied 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 Inv Jobs in Finished Goods Inventory as of June 30.) Answer is complete but not entirely correct. 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 (Assume there are no jobs in Finished Goods Inventory as of June 30.) Finished Goods Job 121 Job # Direct materials Direct labor Overhead Total cost Work in Process Job 122 $ 4,300 s 3,400 1.904 X $ 9,604 7,100 4,500 2,520 % 14.120