6 Exercise 2-5 Manufacturing cost flows LO P1, P2, P3 Custom Cabinetry has one job in process (Uob 120) as of June 30: at that time, its job cost sheet reports direct materials of $8.600. direct labor During July. Job 120 is sold (on account) for $31,000, 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 2.22 points of $4.200, and applied overhead of $3360 Custom Cabinet y applies overhead at the rate of 80% of direct labor cost eBock Direct materials Direct labor Overhead applied 1,200$7,800 $4,20O $13,200 3,3004,7002,400 10,400 Print 1. Prepare journal entries for the following in July Referencesa. Direct materials used in production. 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,) Complete this question by entering your answers in the tabs below Required 1 Required 2 Prepare journal entries for the above transactions in July. View transaction list