Exercise 19-5 Manufacturing cost flows LO P1, P2, P3 Custom Cabinetry has one job in process (Job 120) as of June 30, at that time, its job cost sheet reports direct materials of $8.900. direct labor of $4,200, and applied overhead of $3,360. Custom Cabinetry applies overhead at the rate of 80% of direct labor cost. During July, Job 120 is sold on account) for $24,000. 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 July product costs Direct materials Direct labor Overhead applied ob 120 $1.500 2.500 Job 121 55.00 4,000 Job 122 $4,300 3,900 Total $12,200 11,500 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 solo for Job 120 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 301 * Answer is not complete. - 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.) Job Direct matenals Direct labor Work in Process Job 122 4,300 3.900 3.360 3 11.560 Finished Goods Job 121 6.400 $ Overhead Total cost 4.800 3.120 $