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Hey can help me please understand this process, I would appreciate very much , thank you sir/ mam For the year ended December 31, 2022,
Hey can help me please understand this process, I would appreciate very much , thank you sir/mam
For the year ended December 31, 2022, the job cost sheets of Ivanhoe Company contained the following data. Job Number Direct Materials Direct Labor Manufacturing Overhead Total Costs Explanation 7640 Balance 1/1 $27,000 $25,920 $31,104 $84,024 Current year's costs 32,400 38,880 46,656 117,936 7641 Balance 1/1 11,880 19,440 23,328 54,648 Current year's costs 46,440 51,840 62,208 160,488 7642 Current year's costs 62,640 59,400 71,280 193,320 Other data: 1 Raw materials inventory totaled $16,200 on January 1. During the year, $151,200 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $93,960 and Job No. 7639 for $99,360. 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 $572,400. 5. Manufacturing overhead incurred on account totaled $129,600. Incurred depreciation on factory machinery $8,640. 7 Assigned indirect materials of $15.120 and indirect labor of $19,440. Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer (c) The parts of this question must be completed in order. This part will be available when you complete the part aboveStep by Step Solution
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