Custom Cabinetry has one job in process (Job 120) as of June 30, at that time, its job cost sheet reports direct materials of $6,600, direct labor of $4,500, and applied overhead of $3,825 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 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 2,600 ? Job 121 $6,300 5,000 2 Job 122 $3,200 3,800 2 Total $11,200 11,400 ? 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 Prepare journal entries for the above transactions in July, View transaction list Journal entry worksheet Required 1 Required 2 Prepare journal entries for the above transactions in July. View transaction list Journal entry worksheet 1 2. 3 4 5 Record the entry to assign direct materials to job. Note: Enter debits before credits. Debit General Journal Transaction Credit a Record entry Clear entry View general journal Required Required 2 > Sex 1 tr | | | 0 % Mwaduation CX Remeducation.com/et/map/index.html con conexe brochurworechocation.com/ > New Tab New folder folder w Mobile New for Dources to Home e arini Services to M Chapter 14 15 and 16 Exercises Custom Cabinetry has one job in process (Job 120) of June 30, at that time, its job cost sheet reports direct materials of $6.600 direct labor of $4.500, and applied overhead of $3,825 Custom Cabinetly applies overhead of the rate of 85% of chic labor coot During July, Job 120 is sold on account for $29500, Job 121 started and completedand Job 122 stered and in process at the end of the month Custom Cabinetry mcus the following costs during July Buy Products ob 120 121 122 Direct suterials 31,700 3,100 33,200 $11,200 Direct labor 5.000 3.00 11,400 Overhead applied 2 2. 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 bolonces of the Work in Process Inventory and the Finished Goods Inventory accounts asume there jobs in Finished Goods inventory as of June 30) Complete this question by entering your answers in the labs below. Required2 Compute they 31 bulances of the Work in Process Inventory and the Finished Good Inventory general ledger accounts (Assume there are no jobs in Finished Goods Inventory as of June 30.) Work in Process Finished Goods Det materials Drector Prev Next > o # ere to search hp 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 Sex 1 tr | | | 0 % Mwaduation CX Remeducation.com/et/map/index.html con conexe brochurworechocation.com/ > New Tab New folder folder w Mobile New for Dources to Home e arini Services to M Chapter 14 15 and 16 Exercises Custom Cabinetry has one job in process (Job 120) of June 30, at that time, its job cost sheet reports direct materials of $6.600 direct labor of $4.500, and applied overhead of $3,825 Custom Cabinetly applies overhead of the rate of 85% of chic labor coot During July, Job 120 is sold on account for $29500, Job 121 started and completedand Job 122 stered and in process at the end of the month Custom Cabinetry mcus the following costs during July Buy Products ob 120 121 122 Direct suterials 31,700 3,100 33,200 $11,200 Direct labor 5.000 3.00 11,400 Overhead applied 2 2. 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 bolonces of the Work in Process Inventory and the Finished Goods Inventory accounts asume there jobs in Finished Goods inventory as of June 30) Complete this question by entering your answers in the labs below. Required2 Compute they 31 bulances of the Work in Process Inventory and the Finished Good Inventory general ledger accounts (Assume there are no jobs in Finished Goods Inventory as of June 30.) Work in Process Finished Goods Det materials Drector Prev Next > o # ere to search hp 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
