Exercise 15-5 Manutacturing cost tows 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 $8.200 direct inbor of $4,300, and applied overhead of $3.440. Custom Cabinetry apples overhead at the rate of 80% of direct labor cost. During Jury, Job 120 is sold on accounts for $23.000, 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 Job Job Job Costs 120 121 122 Total Direct materials $1,300 $ 6,900 $3.500 511,700 Direct labor 3,400 4,300 2,900 10,6ee Overhead applied 2 ? 2 2 1. Prepare joumal 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 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 Journal entry worksheet 2 4 5 Record the entry to assign direct materials to job. Note: Enter debits before credits Transaction General Journal Dobe Credit 2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inver 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 Journal entry worksheet 2 3 4 5 Record the entry to assign direct labor to job. Note: Enter debits before credits Transaction General Journal Debit Credit b Record entry Clear entry View general journal 2