Question 9

For the year ended December 31, 2020, the job cost sheets of DeVoe Company contained the following data.

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Total Question 9 For the year ended December 31, 2020, the job cost sheets of Devoe Company contained the following data: Job Direct Direct Manufacturing Number Explanation Materials Labour Overhead Costs 7640 Balance 1/1 $25,300 $24,800 $29,700 $79,800 Current year's costs 30,400 35,800 44,200 110,400 7641 Balance 1/1 11,100 18,600 22,100 51,800 Current year's costs 43,600 48,100 58,200 149,900 7642 Current year's costs 48,900 55,800 66,100 170,800 other data: 1. Raw materials inventory totalled $15,100 on January 1. During the year, $140,200 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $87,900 and Job No. 7639 for $92,000. 3. Job No. 7640 and Job No. 7641 were completed during the year. 4. Jobs 7638, 7639, and 7641 were sold on account for $530,000. 5. Manufacturing overhead incurred on account totalled $116,200. 6. Other manufacturing overhead consisted of indirect materials $13,900, indirect labour $19,900, and depreciation on factory machinery $7,800. Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work. Calculate each of the following, then post each to the T account: (1) beginning balance, (2) direct materials, (3) direct labour, (4) manufacturing overhead, and (5) completed jobs. 1. beginning balance 2. direct materials S s 3. direct labour S 4. manufacturing overhead S 5. completed jobs S closing balance S Work in Process Inventory 1/1 12/31 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to cost of Goods Sold. (Credit account titles are automatically indented w Account Titles and Explanation Credit Debit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Determine the gross profit to be reported for 2020. Gross Profits