Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please help! on requirement 1, I cannot get the last one and on requirement 2 I cannot get Overhead. please help . will hit like
please help! on requirement 1, I cannot get the last one and on requirement 2 I cannot get Overhead. please help . will hit like
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 $2,720. 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. July Product Costs Direct materials Direct labor Overhead applied Job 120 $1,500 3,600 Job 121 $6,900 4,200 Job 122 $3,300 3,200 P Total $11,700 11,000 ok 1. Prepare journal entries for the following in July encer a. Direct materials used in production b. Direct labor used in production c. Overhead applied. d. The sale of Job 120 e. Cost of goods sold for Job 120 2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts (Assume there are no jobs in Finished Goods Inventory as of June 30.) Complete this question by entering your answers in the tabs below. Required 1 Required 2. Required 1 Required 2 Prepare journal entries for the above transactions in July. No Transaction Debit Credit 1 General Journal Work in process inventory Raw materials inventory 11.700 11.700 2 b 11.000 Work in process inventory Factory wages payable 11.000 3 9 350 Work in process inventory Factory overhead 9.350 4 d S 25,000 Accounts receivable Sales 25,000 5 e Cost of goods sold Finished goods inventory Required 2 > Required 1 Required 2 Compute the July 31 balances of the Work in Process Inventory and the Finished Good (Assume there are no jobs in Finished Goods Inventory as of June 30.) Work in Process Job 122 Finished Goods Job 121 0 Job # Direct materials Direct labor 1$ 3 300 5 6.900 4200 3.2002 Overhead Total cost UD 6.500 S 11100 Required 1Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started