Question 1 What is the Journal Entry for: 1 pts Aug. 4, 20X5- Purchased fabric and aluminum to be used in the manufacturing process. The purchase price was $4,000, on account. O Raw Materials Inventory Cash 4,000 4,000 Accounts Payable 4,000 Raw Materials Inventory 4,000 Raw Materials Inventory Accounts Payable 4.000 4.000 Cash 4.000 Raw Materials Inventory 4.000 Question 2 How much do you need to DEBIT the Work-in-Process account for the following transaction? Aug. 8, 20X5 Transferred 60% of the raw materials purchased on August 4 into production. 1 pts Question 3 In the end, the Raw Materials account would contain an 1,600 ending balance of? Question 4 In the end, the Work-in-Process account would contain an ending balance of? Question 5 In the end, the Finished Goods Inventory account would contain an ending balance of? Cool Sun produces awnings and screens. Prepare journal entries to reflect the following transactions. After you complete the entries, determine the amount to include in raw materials, work in process, and finished goods, Aug. 4, 20X5 Purchased fabric and aluminum to be used in the manufacturing process. The purchase price was $4,000, on account. Aug. 8, 20x5 Transferred 60% of the raw materials purchased on August 4 into production. Aug. 8, 20X5 Incurred direct labor costs of $3,000. Factory overhead is applied at 40% of the direct labor cost. Aug. 9, 20x5 Transferred completed awnings with total assigned costs of $4,400 to finished goods. Aug. 10, 20x5 Sold and delivered half of the finished goods (from August 9) to a customer for $4,000 cash. GENERAL JOURNAL Date 8-4-X5 8-8-X5 Page 1 Accounts Debit Credit To record purchase of raw materials To transfer raw materials to production, record direct labor costs on job, and apply overhead at the predetermined rate 8-9-X5 8-10-X5 To transfer raw materials to production, record direct labor costs on job, and apply overhead at the predetermined rate To transfer completed units to finished goods inventory To record sale of finished awning for $4,000 8-10-X5 8-10-X5 To transfer completed units to finished goods inventory To record sale of finished awning for $4,000 To transfer finished goods to cost of goods sold