Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Very urgent, ASAP, direct thumps up ;) Job For the year ended December 31, 2020, the job cost sheets of Cinta Company contained the following
Very urgent, ASAP, direct thumps up ;)
Job For the year ended December 31, 2020, the job cost sheets of Cinta Company contained the following data. Direct Direct Manufacturing Total Number Explanation Materials Labor Overhead Costs 7640 Balance 1/1 $30,750 $29,520 $35,424 $95,694 Current year's costs 36,900 44,280 53,136 134,316 7641 Balance 1/1 13,530 22,140 26,568 62,238 Current year's costs 52,890 59,040 70,848 182,778 7642 Current year's costs 71,340 67,650 81,180 220,170 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. 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. 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 > > > > 12/31 > Work in process balance $ > Unfinished Job Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started