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Chegg Study Guided Solutions and Study Help | Chegg.com WilcyPLUS Return to Blackboard andt, Accounting Principles, 12e PRINTER VERSION BACK NEXT ASSIGNMENT RESOURCES Job Number Direct Materials Direct Manufacturing Labor Total Costs New Assi Explanation Overhead Exercise 20-2 Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs $25,250 $24,240 30,300 36,360 11,110 18,180 43,430 48,480 58,580 55,550 $29,088 $78,578 43,632 110,29.2 21,816 51,106 58,176 150,086 66,660 180,790 640 Level Submission) Problem 20-1A (Part 7641 Problem 20-2A (Po 7642 Other data 1 Raw materials inventory totaled S15,150 on January 1. During the year, $141,400 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $87,870 and Job No. 7639 for $92,920 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 $535,300 5. Manufacturing overhead incurred on account totaled $121,200 6. Other manufacturing overhead consisted of indirect materials $14,140, indirect labor $18,180, and depreciation on factory machinery $8,080. Obiective (a) 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 Unfinished job

Explanation / Answer

Work in Process Inventory

Work in process balance = $180790

Unfinished job = $180790

1/1 Beginning balance $129684 Finished goods $390062 Direct materials 132310 Direct labor 140390 Manufacturing overhead 168468 12/31 Ending balance $180790

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