Triple C Ltd. is in the business of manufacturing cabinets, computer stands, and countertops. Most of its jobs are contracts for home builders. The following information is available for the month of July:

Activity in accounts:

On July 1, finished goods inventory consisted of one job, 105, with a total cost of $18,000. This job was sold during July. (Manufacturing overhead is applied at 120% of the direct labour cost.)
Instructions
Calculate the following as at July 31:
(a) The costs of completed jobs 101 and 111
(b) The account balances in Direct Materials Inventory
(c) Work in Process Inventory
(d) Finished Goods Inventory

Transcribed Image Text:

Costs Incurred to July1Added in July Job Direct Direct Direct Direct $1,000 3,000 Number MaterialsLabour Materials LabourStts at July 31 101 103 $9,000 2,500 600 $2,000 1,500 100 Completed but not sold Not completed Completed but not sold Not comple 500 $800 115 200 Balance Issued/Used Ending Opening Account Direct Materials Direct Labour Purchased in July $6,000 July 1 $3,000 in JulyBalance July 31 $4,900 8,000