to Exercise 15-5 Manufecturing cost flows LO P1, P2, P3 Custom Cabinetry has one

Question

to Exercise 15-5 Manufecturing cost flows LO P1, P2, P3 Custom Cabinetry has one job in process (Job 120) as of June 30: at that time, its job cost sheet reports direct materials of $6,100 direct labor of $3.400, and applied overhead of $3 . sto Cabinet yapplies overhead atthe rate 90% of direct labor cost During July, Job 120 is sold (on account) for $23,500, 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 $2,600 $7,700 $2,600 $12,900 3,500 3,80 2,100 9,400 Direct labor Overhead applied 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. C there are no jobs in Finished Goods Inventory as of June 30) te the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory g eneral ledger accounts. (Assume

Explanation / Answer

**costof job 120

Date Account title Debit credit c Work in proces 8460 Factory overhead (9400*90%) 8460 d Accounts receivable 23500 sales revenue 23500 e cost of goods sold 21810 Finished goods inventory 21810

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