Retu 5 direct labor of $2,800, and applied overhead of $2,240. Custom Cabinetry applies overhead at the rate of 80% of direct labor cost. During July, Job 120 is sold (on account) for $22,000, 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. 2 points July Product Costs Direct materials Direct labor Overhead applied Job 120 $1,000 2,200 ? Job 121 Job 122 $6,000 $2,500 3,700 2,100 ? Total $9,500 8,000 ? & 03:33:23 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 general ledger 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. No Transaction General Journal Debit Credit 1 9,500 Work in process inventory Raw materials inventory 9.500 2 b. 8.000 Work in process inventory Factory wages payable ool 8,000 3 C. Work in process inventory 8.550 X Mc Graw Hill 5 of 10 HA Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Re 5 e. Cost of goods soia Tor JOD 120. 2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory general ledger accounts. (Assume there are no jobs in Finished Goods Inventory as of June 30.) points Answer is not complete. 8 03:33:19 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries for the above transactions in July. No Transaction General Journal Debit Credit 1 a 9,500 Work in process inventory Raw materials inventory 9,500 2 b 8,000 > Work in process inventory Factory wages payable ool 8,000 3 C. 8,550 X Work in process inventory Factory overhead 8,550 X 4 d. 30,500 X Accounts receivable Sales 30.500 OOOO 5 e. 20,120 X Cost of goods sold Finished goods inventory 5 Overhead applied 1. Prepare journal entries for the following in July. 2 points 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. 8 03:33:16 2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory general ledger 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 Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory general ledger accounts. (Assume there are no jobs in Finished Goods Inventory as of June 30.) Work in Process Job 120 X Finished Goods Job 121 $ 6.700 X $ 3,400 Job # Direct materials Direct labor Overhead 3,800 X 3,420 X 13.920 $ 2.900 X 2,610 X 8,910 Total cost $
