Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me complete the journal entries and Work in Process Inventory for this problem. Thank you. Custom Cabinetry has one job in prooess {Job

Please help me complete the journal entries and Work in Process Inventory for this problem. Thank you.

image text in transcribedimage text in transcribed
Custom Cabinetry has one job in prooess {Job 120] as ofJune 30; at that time, itsjob cost sheet reports direct materials of $6.600, direct labor of $3,000. and applied overhead of $2,700. Custom Cabinetry applies overhead at the rate of 90% of direct labor cost. During July. Job 120 is sold [on account] for $24,500. Job 121 is started and completed. and Job 122 is started and still in process at the end ofthe month. Custom Cabinetry incurs the following costs during July. Chill? Product: Coats Job 120 Job 121 Job 122 Total Direct. materials $2,901]! $3,500 $2,?00 $14,100 Direct labor 3,70!) 5,200 3,300 12,700- Overhead applied '2 'P ? '2 1. Preparejournal entries for the following in July. 3. Direct materials used in production. b. Direct labor used in production. c. Overhead applied. d. The sale of Job 120. 1:. 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 ot'June 30.) Work in Process Finished Goods Job # Direct materials Direct labor Overhead Total cost 0 $ 0

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_2

Step: 3

blur-text-image_3

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

Mergers, Acquisitions, And Corporate Restructurings

Authors: Patrick A Gaughan

6th Edition

1118997549, 9781118997543

More Books

Students also viewed these Accounting questions

Question

3. An initial value (anchoring).

Answered: 1 week ago

Question

4. Similarity (representativeness).

Answered: 1 week ago