Custom Cabinetry has one job in process (Job 120) as of June 30; at that time, its job cost sheet reports direct materials of $6,600, direct labor of $3,000, and applied overhead of $2,550. Custom Cabinetry applies overhead at the rate of 85% of direct labor cost. During July, Job 120 is sold (on credit) for $31,500, Job 121 is started and completed, and Job 122 is started and still in process at the end of July. Custom Cabinetry incurs the following costs during July. Job 120 $ 1,800 3,200 Job 121 $ 7,500 5,000 Job 122 $ 2,800 3,200 1. Prepare journal entries for the following July transactions and events a through e. a. Direct materials used. b. Direct labor used. c. Overhead applied. d. Sale of Job 120. e. Cost of goods sold for Job 120. Hint. Job 120 has costs from June and July. Direct materials used Direct labor used 2. Compute the July 31 balances of the Work in Process Inventory and the Finished Goods Inventory accounts. (There were no jobs in Finished Goods Inventory at June 30.)

Munabhai

Instructions Collegiate Publishing Inc. began printing operations on March 1. Jobs 301 and 302 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 303 and 304 are still in process at the end of the month, and all applicable costs except factory overhead have been recorded on the related cost sheets. In addition to the materials and labor charged directly to the jobs, $7,800 of indirect materials and $11,100 of indirect labor were used during the month. The cost sheets for the four jobs entering production during the month are as follows, in summary form: Job 301 Direct materials $10,700 Direct materials $18,400 7,200 Direct labor Factory overhead 6,192 Factory overhead 14,104 $24,092 Total $48,904 Direct labor Total Job 303 Direct materials Direct labor Factory overhead Job 302 19,500 - Job 304 $25,900 Direct materials $15,900 Direct labor 10,100 16,400 Factory overhead Required: Journalize the Mar. 31 summary entries to…

Dillon Products manufactures various machined parts to customer specifications. The company uses a job-order costing system and applies overhead cost to jobs on the basis of machine-hours. At the beginning of the year, the company used a cost formula to estimate that it would incur $4,339,600 in manufacturing overhead cost at an activity level of 571,000 machine-hours. The company spent the entire month of January working on a large order for 12,400 custom-made machined parts. The company had no work in process at the beginning of January. Cost data relating to January follow: a. Raw materials purchased on account, $321,00o. b. Raw materials used in production, $250,000 (80% direct materials and 20% indirect materials). c. Labor cost accrued in the factory, $174,000 (one-third direct labor and two-thirds indirect labor). d. Depreciation recorded on factory equipment, $63,800. e. Other manufacturing overhead costs incurred on account, $85,800. f. Manufacturing overhead cost was applied…