Help Exercise 15-5 Manufacturing cost flows LO P1, P2, P3 Custom Cabinetry has direct labor of $3,100, and applied overhead of $2.635. During July. Job 120 is sold (on account) for $29.000, 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. one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $8,700 Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. Direct labor Overhead applied $2,500 $7,200 $3,780 $13,489 2,50 4,480 3,90 18,800 1. Prepare journal entries for the following in July a. Direct materials used in production. b. Direct labor used in production. c. d. The sale of Job 120. e. Cost of goods sold for Job 120. applied. 2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory general there are no jobs in Finished Goods Inventory as of June 30) ledger accounts (Assume Complete this question by entering your answers in the tabs below ie Journal entry worksheet points Hint Record the entry to assign direct materials to job. Print General Journal Clear entry INB54 Ch 15 h 2 Journal entry worksheet points Record the entry to assign direct labor to job. Hint Cre Up HFINBS4 2 Journal entry worksheet points Journal entry worksheet points Record the sale of Job 120 on account. HFINB54 Ch 15 ournal entry worksheet points Record cost of goods sold for Job 120