Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materiais of $6,100, direct labor of $4,000, and applied overhead of $3,400. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July. Job 120 is sold (on account for $29.500, Job 121 is started ond completed, and Job 122 is started and still in process at the end of the month. Custom Cabinetry incurs the folowing costs during July. 1. Prepare journal entries for the following in July. n. Direct materials used in production. b. Disect 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 balonces 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. Prepare fournal entries for the above transactions in buly: Journal entry worksheet (3) 45 Record the entry to assign direct materials to job. Noto: Enter debls bekare crediti 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 $4,000, and applied overhead of $3,400. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July, Job 120 is sold (on account) for $29,500, Job 121 is started and completed, and Job 122 is started ond still in process at the end of the month. Custom Cabinetry incurs the following costs during July. 1. Prepare journal entries for the following in July. a. Direct materlals 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. 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.) Moonrise Bakery applies factory overhead based on direct labor costs. The company incurred the following costs during the year: direct materials costs, $770,000; direct labor costs, $4,200,000; and factory overhead costs applied, \$2,940,000. 1. Determine the company's predetermined overhead rate for the year. 2. Assuming that the company's $83,000 ending Work in Process inventory account for the year had $32,000 of direct labor costs. determine the inventory's direct materials costs. Complete this question by entering your answers in the tabs below. Determine the company's predetermined overhead rate for the year. Moonise Bakery applies factory overhead based on direct labor costs. The company incurred the following costs during the year: direct materials costs, $770,000; direct labor costs, $4,200,000; and factory overhead costs applied, $2,940,000. 1. Determine the company's predetermined overhead rate for the year. 2. Assuming that the company's $83,000 ending Work in Process Inventory account for the year had $32,000 of direct labor costs, determine the inventory's direct materials costs. Complete this question by entering your answers in the tabs below. Assuming that the company's $83,000 ending Work in Process Inventory account for the year had $32,000 of direct labor costs, determine the inventory's direct materials costs
