Business, 05.03.2021 20:50, jaimefashion12
Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $8,000, direct labor of $3,900, and applied overhead of $3,315. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July, Job 120 is sold (on account) for $29,000, 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 Job 120 Job 121 Job 122 Total
Direct materials $2,900 $8,100 $4,500 $15,500
Direct labor 3,300 4,900 2,900 11,100
Overhead applied ? ? ? ?
Required:
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 general ledger accounts.
Answers: 1
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Southeastern oklahoma state university's business program has the facilities and faculty to handle an enrollment of 2,000 new students per semester. however, in an effort to limit class sizes to a "reasonable" level (under 200 generally), southeastern's dean, holly lutze, placed a ceiling on enrollment of 1,600 new students. although there was ample demand for business courses last semester, conflicting schedules allowed only 1,440 new students to take business courses. the utilization rate for southeastern=%the efficiency rate for southeastern=%
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Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet re...
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