Job Number Explanation Direct Materials Direct Labor Manufacturing Overhead Tota

Question

Job
Number

Explanation

Direct
Materials

Direct
Labor

Manufacturing
Overhead

Total
Costs

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Work in Process Inventory

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Account Titles and Explanation

Debit

Credit

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For the year ended December 31, 2014, the job cost sheets of Cinta Company contained the following data.

Job
Number

Explanation

Direct
Materials

Direct
Labor

Manufacturing
Overhead

Total
Costs

7640 Balance 1/1 $33,250 $31,920 $38,304 $103,474 Current year’s costs 39,900 47,880 57,456 145,236 7641 Balance 1/1 14,630 23,940 28,728 67,298 Current year’s costs 57,190 63,840 76,608 197,638 7642 Current year’s costs 77,140 73,150 87,780 238,070
Other data:
1. Raw materials inventory totaled $19,950 on January 1. During the year, $186,200 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $115,710 and Job No. 7639 for $122,360. 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 $704,900. 5. Manufacturing overhead incurred on account totaled $159,600. 6. Other manufacturing overhead consisted of indirect materials $18,620, indirect labor $23,940, and depreciation on factory machinery $10,640.

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Explanation / Answer

Working notes:

Adjusting journal entry:

Gross profit:

Work in process Balance 1/1 (1) 170,772 Completed work (5) 513,646 Direct materials (2) 174,230 Direct labor (3) 184,870 Manufacturing overhead (4) 221,844 Balance 12/31 ($751,716 - $513,646) 238,070 751,716 751,716

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