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Triple C Ltd. is in the business of manufacturing cabinets, computer stands, and countertops. Most...

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Accounting

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Triple C Ltd. is in the business of manufacturing cabinets, computer stands, and countertops. Most of its jobs are contracts for new-home builders. The following information is available for the month of July: Job Number Costs incurred to July Direct Direct Materials Labour $9,000 $2.000 2.500 1,500 600 100 02-101 02-103 02-111 02-115 Added in July Direct Direct Materials Labour Status at July 31 S $1,000 Completed but not sold ? Not completed 500 3,000 Completed but not sold 800 200 Not completed Activity in accounts: Opening Balance July 1 $3,000 Account Purchased in July $6,000 Ending Balance July 31 Issued/Used in July $4,900 8.000 S? Direct Materials Direct Labour On July 1, finished goods inventory consisted of one job, 02-105, with a total cost of $18,000. This job was sold during July. Manufacturing overhead is applied at 120% of the direct labour cost. Required Calculate the costs of completed jobs 02-101 and 02-111, and also the inventories account balances in direct materials, work in process, and finished goods, as of July 31. (Your answer does not require T-accounts, but be sure to show clearly the accumulation of costs in the relevant jobs and accounts.)

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