| Cool Sun produces awnings and screens. Prepare journal entries to reflect the following transactions. After you complete the entries, determine the amount to include in raw materials, work in process, and finished goods. | ||
| Aug. 4, 20X5 | Purchased fabric and aluminum to be used in the manufacturing process. The purchase price was $4,000, on account. | |
| Aug. 8, 20X5 | Transferred 60% of the raw materials purchased on August 4 into production. | |
| Aug. 8, 20X5 | Incurred direct labor costs of $3,000. Factory overhead is applied at 40% of the direct labor cost. | |
| Aug. 9, 20X5 | Transferred completed awnings with total assigned costs of $4,400 to finished goods. | |
| Aug. 10, 20X5 | Sold and delivered half of the finished goods (from August 9) to a customer for $4,000 cash. | |
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