Need help with the entire thing RCES Problem 20-2A For the year ended December 3

Question

Need help with the entire thing RCES Problem 20-2A For the year ended December 31, 2017, the job cost sheets of Cinta Company contained the following data. Job Number Direct Materials Labor DirectManufacturing Total Overhead Explanation Balance 1/1 Current year's costs Costs 7640 $28,250 $27,120 33,900 40,680 12,43020,340 48,59054,240 65,54062,150 $32,544 $87,914 48,816 123,396 4,408 57,178 65,088 167,918 74,580202,270 7641Balance 1/1 Current year's costs 7642Current year's costs Other data: 1. 2. Finished goods on January 1 consisted of Job No. 7638 for $98,310 and Job No. 7639 for $103,960. 3. Job No. 7640 and Job No. 7641 were completed during the year. Raw materials inventory totaled $16,950 on January 1. During the year, $158,200 of raw materials were purchased on account. 4. 5. 6. Job Nos. 7638, 7639, and 7641 were sold on account for $598,900. Manufacturing overhead incurred on account totaled $135,600. Other manufacturing overhead consisted of indirect materials 15 820 indirect labor $20,340, and depreciation on factory machinery $9,040

Explanation / Answer

Work in progress 01-Jan Beginning balance 145092 Finished goods 436406 Material 148030 Labor 157070 Manufacturing overheads 188484 Total 638676 436406 31-Dec Ending balance 202270 Work in progress balance 202270 Manufacturing overheads 7684 (188484-135600-15820-20340-9040)                         Cost of goods sold 7684 Cost of goods sold Job 7638 98310 Job 7639 103960 Job 7641 225096 Total 427366 Less Under applied overheads 7684 Cost of goods sold adjusted 419682 Sales revenue 598900 Cost of goods sold 419682 Gross profit 179218

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