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I only need help with 5e, the answer is not 8160 nor 7975. I already tried several things. Please help. Thank you. Custom Cabinetry has
I only need help with 5e, the answer is not 8160 nor 7975. I already tried several things. Please help. Thank you.
Custom Cabinetry has one job in process (Job 120) as of June 30, at that time, its job cost sheet reports direct materials of $8,400. direct labor of $3,200, and applied overhead of $2720. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost During July, Job 120 is sold (on account) for $25,000, 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 Job 121 July Product Costs Direct materials Direct labor Overhead applied Job 120 $1,500 3,600 $6,999 4,200 ? Job 122 $3,300 3,209 ? Total $11,700 11,000 ? 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.) & Answer is not complete, Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries for the above transactions in July. Debit No Credit General Journal Transaction 11,700 1 a Work in process inventory Raw materials inventory 11,700 11,000 > 2 b Work in process inventory Factory wages payable 11,000 3 C. 9,350 Work in process inventory Factory overhead 9,350 4 d Accounts receivable 25,000 > Sales 25,000 5 e. Cost of goods sold Finished goods inventory RELE Required 2 >Step by Step Solution
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