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Need help with part B below... Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (Credit
Need help with part B below... 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.)
NEED HELP W THE BELOW:
For the year ended December 31, 2017, the job cost sheets of Cinta Company contained the following data. otal Costs Direct Manufacturing irect aterials umber 7640 Explanation Labor erhead Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs $32,832 88,692 49,248 124,488 24,624 57,684 65,664 169,404 75,240 204,060 $28,500 7641 7642 Other data: $27,360 34,200 41,040 12,540 20,520 49,020 54,720 66,120 62,700 1. Raw materials inventory totaled $17,100 on January 1, During the year, $159,600 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $99,180 and Job No. 7639 for $104,880 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 $604,200 5. Manufacturing overhead incurred on account totaled $136,800 6. Other manufacturing overhead consisted of indirect materials $15,960, indirect labor $20,520, and depreciation on factory machinery $9,120 (a) Your answer is partially correct. Try again 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 jobsStep by Step Solution
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