Question 7 For the year ended December 31,2020, the job cost sheets of Cinta Com

Question

Question 7 For the year ended December 31,2020, the job cost sheets of Cinta Company contained the following data. Job Number Direct Materials Direct Labor Manufacturing Overhead Total Costs Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs $29.250 35,100 12.870 50.310 67.860 $28,080 42.120 21,060 56,160 64,350 $33,696 50,544 25,272 67,392 77,220 $ 91,026 127,764 59.202 173.862 209.430 7640 7641 7642 Other data: inventory totaled $ 17,550 on January 1. During the year. $ 163.800 of raw materials were purchased on account. 1. Raw 2. Finished goods on January 1 consisted of Job No. 7638 for $ 101.790 and Job No. 7639 for $ 107.640. 3. Job No.7640 and Job No. 7641 were completed during the year 4. Job Nos. 7638, 5. Manufacturing overhead incurred on account totaled $ 140400. 7639.and7641 were sold on account for $ 620,100 . Other manufacturing overhead consisted of indirect materials $ 16,380,indirect labor $ 21.060 and depreciation on factory machinery $ 9.360

Explanation / Answer

Work in Process Inventory 1/1 Balance 150228 Completed work 451854    Direct materials 153270 Direct labor 162630 Manufacturing overhead 195156 12/31 Balance 209430 Work in process balance 209430 Unfinished job No. 7642 209430

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