Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materia

Post by **answerhappygod** » Sun Jul 03, 2022 3:45 pm

: Custom Cabinetry Has One Job In Process Job 120 As Of June 30 At That Time Its Job Cost Sheet Reports Direct Materia 1 (37.39 KiB) Viewed 10 times

: Custom Cabinetry Has One Job In Process Job 120 As Of June 30 At That Time Its Job Cost Sheet Reports Direct Materia 2 (41.74 KiB) Viewed 10 times

: Custom Cabinetry Has One Job In Process Job 120 As Of June 30 At That Time Its Job Cost Sheet Reports Direct Materia 3 (42.74 KiB) Viewed 10 times

: Custom Cabinetry Has One Job In Process Job 120 As Of June 30 At That Time Its Job Cost Sheet Reports Direct Materia 4 (31.28 KiB) Viewed 10 times

: Custom Cabinetry Has One Job In Process Job 120 As Of June 30 At That Time Its Job Cost Sheet Reports Direct Materia 5 (32.29 KiB) Viewed 10 times

: Custom Cabinetry Has One Job In Process Job 120 As Of June 30 At That Time Its Job Cost Sheet Reports Direct Materia 6 (34.55 KiB) Viewed 10 times

: Custom Cabinetry Has One Job In Process Job 120 As Of June 30 At That Time Its Job Cost Sheet Reports Direct Materia 7 (32.87 KiB) Viewed 10 times

: Custom Cabinetry Has One Job In Process Job 120 As Of June 30 At That Time Its Job Cost Sheet Reports Direct Materia 8 (29 KiB) Viewed 10 times

Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $6,500, direct labor of $4,400, and applied overhead of $3,740. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July, Job 120 is sold (on account) for $25,500, 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.

July Product Costs Direct materials Direct labor Overhead applied Job 120 Job 121 Job 122 Total $2,100 $6,500 $3,800 $12,400 3,600 4,500 3,800 11,900 ? ? ? 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. E 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 t

< 1 2 Transaction a. 3 Note: Enter debits before credits. Record the entry to assign direct materials to job. 4 5 General Journal Debit Credit

< 1 2 3 Transaction b. Note: Enter debits before credits. 4 Record the entry to assign direct labor to job. 5 General Journal Debit Credit

< 1 2 Transaction C. 3 Note: Enter debits before credits. Record the application of overhead to work in process. 4 5 General Journal Debit Credit

< 1 2 3 Note: Enter debits before credits. Transaction d. 4 LO Record the sale of Job 120 on account. 5 General Journal Debit Credit

< 1 2 3 Note: Enter debits before credits. Record cost of goods sold for Job 120. Transaction e. 4 5 General Journal Debit Credit