Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

journal entry worksheet 1. record tge entry to assign direct materials to job. 2.record the entry to assign direct labor to job. 3. record the

image text in transcribed
journal entry worksheet
1. record tge entry to assign direct materials to job.
2.record the entry to assign direct labor to job.
3. record the application of overhead to work in process
4. Revoed the sale of Job 120 on account.
5. Revird cost of goods sold for Job 120.
image text in transcribed
Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $7,400, direct labor of $3,200, and applied overhead of $2,720. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July, Job 120 is sold (on credit) for $27,000, Job 121 is started and completed, and Job 122 is started and still in process at the end of July. Custom Cabinetry Incurs the following costs during July Job 120 Job 121 Job 122 Direct materials used $ 1,500 $ 7,100 $ 4,300 Direct labor used 3,500 4,200 2,500 1. Prepare journal entries for the following July transactions and events a through e. a. Direct materials used. b. Direct labor used. c. Overhead applied, d. Sale of Job 120. e. Cost of goods sold for Job 120. Hint Job 120 has costs from June and July, 2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (There were no jobs in Finished Goods Inventory at June 30.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries for the following July transactions and events a through e. View transaction list Journal entry worksheet

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

Economics Of Accounting Information In Markets

Authors: Peter Ove Christensen, Gerald Feltham

2nd Edition

1402072295, 9781402072291

More Books

Students also viewed these Accounting questions