Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need only the cost of goods sold calculate like the screenshot and also exercise number 2. Could you also explain how they are calculated?

image text in transcribed

I need only the cost of goods sold calculate like the screenshot and also exercise number 2.

Could you also explain how they are calculated? Where did you get the numbers to calculate it?

Thank you in advance

Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $7,800, direct labor of $3,900, and applied overhead of $3,315. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July, Job 120 is sold (on account) for $23,500, 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 Job 121 Job 122 Total $2.000 $6,500 $4,300 $12,800 2,900 4.000 3,400 10,300 ? ? ? ? 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. View transaction list Journal entry worksheet Record cost of sale of job 120. Note: Enter debits before credits. Transaction Debit Credit e General Journal Cost of goods sold Finished goods inventory Record entry Clear entry View general journal 2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory general ledger accounts. Work in Process Finished Goods Job # Direct materials Direct labor Overhead Total cost

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Contemporary Auditing Real Issues And Cases

Authors: Michael C. Knapp, Loreen Knapp

4th Edition

0324048610, 9780324048612

More Books

Students also viewed these Accounting questions