TrTaik rnics for Cu urses/82967/assignments/582588 For the year ended December 3

Question

TrTaik rnics for Cu urses/82967/assignments/582588 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: 1. Raw materials inventory totaled $ 17.550 on January 1. During the year, $ 163,800 of raw materials were purchased on account. 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.7638.7639.and 7641 were sold on account for $ 620.100. Manufacturing overhead incurred on account totaled $ 140.400. 6. Other manufacturing overhead consisted of indirect materials $ 16.380, indirect labor $ 21,060, and depreciation on factory machinery $ 9.360. Your answer is correct Prove the agreement of Work in Process inventory with job cost sheets pertaining to unfinished work Post each to the t account inthe follew order: 1l beginning balance, (2) direct materials, (3) direct labor (4) manufacturing overhead) and (s

Explanation / Answer

Job cost sheet job 7640 job7641 job 7642 Balance 1/1 Direct materials 29,250 12,870 42,120 Direct labor 28,080 21,060 49,140 Manufacturing overhead 33,696 25,272 58,968 total beginning balance 1/1 91,026 59,202 150,228 Cost added during the year Direct materials 35,100 50,310 67,860 153,270 Direct labor 42,120 56,160 64,350 162,630 Manufacturing overhead 50,544 67,392 77,220 195,156 Total cost added during the yr 127,764 173,862 209,430 511,056 total cost of jobs 218,790 233,064 209,430 661,284 only job 7642 is uncompleted , its balance is 209,430 completed work (job 7640+7641) that is 218,790+233064= 451,854 balance in finished goods inventory will equal job 7640 Work in process inventory 1-Jan Balance 150,228 Completed work 451,854 Direct materials 153,270 Direct labor 162,630 Manufacturing overhead 195,156 31-Dec Balance 209,430 Work in process balance 209,430 unfinished jobs no 7642 209,430 Account titles and explanations Debit Credit Manufacturing overhead 7,956 Cost of good ssold 7,956 (195,156 applied - 140,400 incurred-16,380 Ind mat-21,060 ind Lab-9,360 dep)

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.