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Help me with parts and show the steps so that I know how to do other questions Prepare entries in a job order cost system

Help me with parts and show the steps so that I know how to do other questions

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Prepare entries in a job order cost system and partial P2-2A For the year ended December 31, 2014, the job cost sheets of Cinta Company contained the following data. income statement. (LO 2, 3, 4, 5, 6), AN Job Direct Direct Manufacturing Total Number Explanation Materials Labor Overhead Costs 7640 Balance 1/1 $25,000 $24,000 $28,800 $ 77,800 Current year's costs 30,000 36,00 43,200 109,200 7641 Balance 1/1 11,000 18,00 21,600 50,600 Current year's costs 43,000 48,000 57,600 148,600 7642 Current year's costs 58,000 55,000 66,000 179,000 Other data: 1. Raw materials inventory totaled $15,000 on January 1. During the year, $140,000 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $87,000 and Job No. 7639 for $92,000. 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 $530,000. Problems: Set A 83 5. Manufacturing overhead incurred on account totaled $120,000. 6. Other manufacturing overhead consisted of indirect materials $14,000, indirect labor $18,000, and depreciation on factory machinery $8,000. Instructions a) Prove the agreement of Work in Process Inventory with job cost sheets pertaining to (a) $179,000; Job 7642: unfinished work. (Hint: Use a single T-account for Work in Process Inventory.) Cal- $179,000 culate each of the following, then post each to the T-account: (1) beginning balance, (2) direct materials, (3) direct labor, (4) manufacturing overhead, and (5) completed jobs. (b) Prepare the adjusting entry for manufacturing overhead, assuming the balance is (b) Amount = $6,800 allocated entirely to Cost of Goods Sold. (c) Determine the gross profit to be reported for 2014. (c) $158,600

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