Question: Please help me complete the journal entries and Work in Process Inventory for this problem. Thank you. Custom Cabinetry has one job in prooess {Job

Please help me complete the journal entries and Work in Process Inventory for this problem. Thank you.

Please help me complete the journal entries and Work in Process Inventoryfor this problem. Thank you. Custom Cabinetry has one job in prooess

Custom Cabinetry has one job in prooess {Job 120] as ofJune 30; at that time, itsjob cost sheet reports direct materials of $6.600, direct labor of $3,000. and applied overhead of $2,700. Custom Cabinetry applies overhead at the rate of 90% of direct labor cost. During July. Job 120 is sold [on account] for $24,500. Job 121 is started and completed. and Job 122 is started and still in process at the end ofthe month. Custom Cabinetry incurs the following costs during July. Chill? Product: Coats Job 120 Job 121 Job 122 Total Direct. materials $2,901]! $3,500 $2,?00 $14,100 Direct labor 3,70!) 5,200 3,300 12,700- Overhead applied '2 'P ? '2 1. Preparejournal entries for the following in July. 3. Direct materials used in production. b. Direct labor used in production. c. Overhead applied. d. The sale of Job 120. 1:. 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 ot'June 30.) Work in Process Finished Goods Job # Direct materials Direct labor Overhead Total cost 0 $ 0

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