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P Jhené Aiko Radio-Now P #x y d WileyPLUS ? Not Secure | edugen.wileyplus.com/edugen/ti/main.uni Return to Blackboard WileyPLUS 730 gandt, Accounting Principles, 12e PRINTER VERSION BACH Problem 20-2A Chapter 20 For the year ended December 31, 2017, the jab cost sheets of Cinta Company contained the following data Job Number Direct Materials Labor Direct Manufacturing Total Overhead Problem 20-44 Explanation Costs Balance 1/1 Current year's costs Balance 1/1 Current year's cost Current year's costs $27,500 $26,400 33,000 39,600 12,100 19,800 47,300 52,800 63,800 60,500 S31,680 $85,580 47,520 120,120 23,760 55,660 63,360 163,460 72,600 196,900 Review Results by Study 641 Other data 1 Raw materials inventory totaled $16,500 on January 1. During the year, $154,000 of row materials were purchased on account 2 Finished goads on January 1 consisted of Job No. 7638 far $9S,700 and Jab No. 7639 for $101,200 3. Jab No. 7640 and Job No. 7641 were completed during the year 4. Job Nos. 7638, 7639, and 7641 were sold on account for $583,000. 5 Manufacturing overhead incurred on account totaled $132,000, 6. Other manufacturing overhead consisted of indirect materials $15,400, indirect labor $19,800, and deprociation on factory machinery $8,800 Prove the agreement of Work In Process Inventory with job cost sheets pertaining to unfinished work. (Hint: Use a single T-account for Work In Process Inventory.) Post each to the T-account in the following order: (1) beginning balance, (2) direct materials, (3) direct labor, (4) manufacturing overhead, and (5) completed jobs Work in Process Inventory 12/31 Work in process balance LIST OF ACCOUNTSExplanation / Answer
(ALL VAULES IN $)
Job no.
Amt
7640
85580
7641
55660
Beginning inventory
141240
Job no.
Amt
7640
33000
7641
47300
7642
63800
Total material cost
144100
Job no.
Amt
7640
39600
7641
52800
7642
60500
Total material cost
152900
Job no.
Amt
7640
47520
7641
63360
7642
72600
Total material cost
183480
Particular
Amt
Amt
Beginning balance
7640
85580
7641
55660
141240
Material cost
7640
33000
7641
47300
80300
Labour cost
7640
39600
7641
52800
92400
Manufacturing overhead cost
7640
47520
7641
63360
110880
Total cost of completed job
424820
Date
Particular
Amt
Particular
Amt
1-jan
Beginning balance
141240
Completed job
424820
Direct material
144100
Direct labour
152900
Manufacturing overhead
183480
Closing Balance
196900
621720
621720
2)
Actual overhead
Amt
Incurred on account
132000
Indirect material
15400
Indirect labour
19800
Depreciation
8800
Total
176000
Applied overhead cost
Job 7640
47520
Job 7641
63360
Job 7642
72600
Total
183400
Actual overhead = 176000
Applied overhead cost = 183400
= (7400)
Adjusting entry
Manufacturing overhead Dr. 7400
To cost of goods sold Cr. 7400
3) Calculation of gross profit
Sales
583000
Cost of goods sold
Add: Job 7640
95700
Job 7641
101200
Job 7642
216800
413700
Less: overapplied overhead
7400
406300
Gross profit
176700
Job no.
Amt
7640
85580
7641
55660
Beginning inventory
141240
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