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I just need the calculations for the adjusting entries and Gross profit. Stuck on this, thank you! For the year ended December 31, 2020, the
I just need the calculations for the adjusting entries and Gross profit. Stuck on this, thank you!
For the year ended December 31, 2020, the job cost sheets of Cinta Company contained the following data. Job Number 7640 Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Direct Materials Labor $30.750 $29,520 36,900 44.280 13.530 22.140 52.890 59,040 71.340 67,650 Manufacturing Total Overhead Costs $35,424 $95,694 53,136 134.316 26.568 62,238 70.848 182,778 81,180 220,170 7641 7642 Other data: 1. Raw materials inventory totaled $18,450 on January 1. During the year, $172,200 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $107,010 and Job No. 7639 for $113,160. 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 $651,900. 5. Manufacturing overhead incurred on account totaled $147,600. 6. Other manufacturing overhead consisted of indirect materials $17,220, indirect labor $22,140, and depreciation on factory machinery $9,840. Your answer is correct. Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work. 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 1/1 Balance 157,932 Completed Work 475026 Direct Materials 161,130 Direct Labor 170,970 Manufacturing Overhead 205,164 12/31 Balance 220,170 Work in process balance 220,170 Unfinished job No. 7642 $ 220,170 Your answer is partially correct. Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Manufacturing Overhead Cost of Goods Sold e Textbook and Media List of Accounts X Your answer is incorrect. Determine the gross profit to be reported for 2020. Gross profit $
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