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I did part 1. but stuck on part 2. Exercise 15-5 Manufacturing cost flows LO P1, P2, P3 Custom Cabinetry has one job in process
I did part 1. but stuck on part 2.
Exercise 15-5 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 $6,000, direct labor of $2.800, and applied overhead of $2.240. Custom Cabinetry applies overhead at the rate of 80% of direct labor cost. During July, Job 120 is sold (on account) for $22,000, 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 Job 120 ob 121 Job 122 Total $1,000 $6,000 $2,500 $9,500 2.200 3,700 2,100 8,000 ? ? > ? 2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (Assume there are n jobs in Finished Goods Inventory as of June 30.) 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.) Work in Process Finished Goods Job Job 122 Job 121 Direct materials $ 9,500 $ 12,660 Direct labor 8,000 Overhead 12,800 Total cost $ 30,300 $ 12,600
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