Question
For the year ended December 31, 2022, the job cost sheets of Sunland Company contained the following data. Job Number Explanation Direct Materials Direct Labor
For the year ended December 31, 2022, the job cost sheets of Sunland Company contained the following data.
Job Number | Explanation | Direct Materials | Direct Labor | Manufacturing Overhead | Total Costs | |||||
---|---|---|---|---|---|---|---|---|---|---|
7640 | Balance 1/1 | $23,500 | $22,560 | $27,072 | $73,132 | |||||
Current years costs | 28,200 | 33,840 | 40,608 | 102,648 | ||||||
7641 | Balance 1/1 | 10,340 | 16,920 | 20,304 | 47,564 | |||||
Current years costs | 40,420 | 45,120 | 54,144 | 139,684 | ||||||
7642 | Current years costs | 54,520 | 51,700 | 62,040 | 168,260 |
Other data:
1. | Raw materials inventory totaled $14,100 on January 1. During the year, $131,600 of raw materials were purchased on account. | |
2. | Finished goods on January 1 consisted of Job No. 7638 for $81,780 and Job No. 7639 for $86,480. | |
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 $498,200. | |
5. | Manufacturing overhead incurred on account totaled $112,800. | |
6. | Incurred depreciation on factory machinery $7,520. | |
7. | Assigned indirect materials of $13,160 and indirect labor of $16,920. |
Prepare an income statement through gross profit for 2022.
SUNLAND COMPANY Income Statement (partial) choose the accounting period For the Month Ended December 31, 2022December 31, 2022For the Year Ended December 31, 2022 | ||||
---|---|---|---|---|
select an income statement item Cost of Goods ManufacturedCost of Goods SoldFinished Goods, December 31Gross ProfitSales RevenueDirect Materials UsedDirect LaborOverapplied OverheadUnderapplied OverheadJob 7638Job 7639Job 7641 | $enter a dollar amount | |||
select an opening section name Cost of Goods ManufacturedCost of Goods SoldFinished Goods, December 31Gross ProfitSales RevenueDirect Materials UsedDirect LaborOverapplied OverheadUnderapplied OverheadJob 7638Job 7639Job 7641 | ||||
select between addition and deduction AddLess: | ||||
select an income statement item Cost of Goods ManufacturedCost of Goods SoldFinished Goods, December 31Gross ProfitSales RevenueDirect Materials UsedDirect LaborOverapplied OverheadUnderapplied OverheadJob 7638Job 7639Job 7641 | $enter a dollar amount | |||
select an income statement item Cost of Goods ManufacturedCost of Goods SoldFinished Goods, December 31Gross ProfitSales RevenueDirect Materials UsedDirect LaborOverapplied OverheadUnderapplied OverheadJob 7638Job 7639Job 7641 | enter a dollar amount | |||
select an income statement item Cost of Goods ManufacturedCost of Goods SoldFinished Goods, December 31Gross ProfitSales RevenueDirect Materials UsedDirect LaborOverapplied OverheadUnderapplied OverheadJob 7638Job 7639Job 7641 | enter a dollar amount | |||
enter a subtotal of the three previous amounts | ||||
select between addition and deduction AddLess: select an income statement item Cost of Goods ManufacturedCost of Goods SoldFinished Goods, December 31Gross ProfitSales RevenueDirect Materials UsedDirect LaborOverapplied OverheadUnderapplied OverheadJob 7638Job 7639Job 7641 | enter a dollar amount | enter a total amount for this section | ||
select a closing name for this statement Cost of Goods Available for SaleCost of Goods ManufacturedCost of Goods SoldFinished Goods, May 1Finished Goods, May 31Gross ProfitSales RevenueWork in Process, May 1Work in Process, May 31Raw Materials, May 1Raw Materials, May 31Total Work in ProcessManufacturing Overhead AppliedTotal Manufacturing CostsDirect LaborDirect Materials Used | $enter a total amount for this statement |
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