ments Spring 2023 ACCT 203-003 and 004 INT Ch 15 Homework Question 8 Ch 15 Homework Connect Exercise 15-10 (Alge Reconding materials, labur Ch Ce 15-10 coding mac Saved Help Save & Exit Submit Check my work 8 Exercise 15-10 (Aigo) ecoraing materiais, labor, overnead, and sales; computing inventory cost LUMI, P2, P3 0.54 points elook Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $6,600, direct labor of $4,100, and applied overhead of $3,485. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost During July, Job 120 is sold (on credit) for $26,000, 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 Direct materials used Direct labor used Job 120 $2,100 2,900 Job 121 $8,500 5,100 Job 122 $3,600 2,900 1. Prepare journal entries for the following July transactions and events a through e Hin a. Direct materials used. Print References 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 View tnsaction list Journal entry worksheet > 1 2 3 4 5 Record cost of goods sold for Job 120. Note: Enter debits before credits. Transaction General Journal Debit Credit e. Cost of goods sold Finished goods inventory Record entry Clear entry View general journal