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Custom Cabinetry has one job in process (Job 120) as of June 30, at that time,...




Custom Cabinetry has one job in process (Job 120) as of June 30, at that time, its job cost sheet reports direct materials of
Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of
Custom Cabinetry has one job in process (Job 120) as of June 30, at that time, its job cost sheet reports direct materials of $6,800, direct labor of $4,400, and applied overhead of $3,740. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July, Job 120 is sold (on account) for $26,000, 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 Costs Direct materials Direct labor Overhead applied Job 120 $1,900 3,800 Job 121 $8,200 5,400 ? Job 122 $3,400 3,300 ? Total $13,500 12,500 > 1. Prepare journal 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 3 5
Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $6.800, direct labor of $4.400, and applied overhead of $3,740. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost During July, Job 120 is sold (on account) for $26,000, 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 Costs Direct materials Direct labor Overhead applied Job 120 Job 121 Job 122 $1,900 $8,200 $3,400 3,800 5,400 3,300 2 ? Total $13,500 12,500 1. Prepare journal 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 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.) Job # Direct materials Work in Process Finished Goods Job 122 Job 121 $ 3,400 5 8,200 3,300 5,400 Direct labor Overhead Total cost $ 6,700 $ 13,600
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Answer #1
1
Transaction General Journal Debit Credit
a Work in process inventory 13500
    Raw materials inventory 13500
b Work in process inventory 12500
     Factory wages payable 12500
c Work in process inventory 10625 =12500*85%
     Factory overhead 10625
d Accounts Receivable 26000
       Sales 26000
e Cost of goods sold 23870 =(6800+4400+3740)+1900+3800+(3800*85%)
      Finished goods inventory 23870
2
Work in Process Finished goods
Job # Job 122 Job 121
Direct materials 3400 8200
Direct labor 3300 5400
Overhead 2805 4590
Total cost 9505 18190
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