for the year ended december 31 2017, the job cost sheets of cinta company contained the following data.
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Question

for the year ended december 31 2017, the job cost sheets of cinta company contained the following data.

Job

direct direct manufacturing total

number explanation materials labor overhead costs

7640 bal 1/1 $25,000 $24,000 $28,800 $77,800

current year's cost 30,000 36,000 43,200 109,200

7641 bal 1/1 11,000 18,000 21,600 50,600

current year's cost 43,000 48,000 57,600 148,600

7642 current year's cost 58,000 55,000 66,000 179,000


other data

  1. raw materials inventory totaled $15,000 on Jan 1. During the year, $140,000 of raw materials were purchased on account.
  2. finished goods on Jan 1 consisted of job no. 7638 for $87,000 and job No. 7639 for $92,000
  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 $530,000
  5. manufacturing overhead incurred on account totaled $120,000
  6. other manufacturing overhead consisted of indirect materials $14,000, indirect labor $18,000 and depreciation on factory machinery $8,000


a. 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 labor, 4. manufacturing, and 5. completed jobs.

b. prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to cost of goods sold.

c.determine the gross profit to be reported for 2017.


this is what I got so far


Work in Process Job # 7642 $179,000 DM $58,000 + DL $55,000 + MO $66,000= $179,000



JAN 1 RAW MATERIALS $179,000

DIRECT MATERIALS $58,000

DL $55,000

MANU OVERHEAD $66,000

ACCOUNTS PAYABLE $179,000


COMPLETED JOBS

  1. 7638 87,000
  2. 7639 92,000
  3. 7640 109,000

TOTAL 288,200


THIS IS WERE I GOT STUCK

Top Answer

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1.png

Work in Process Inventory
Date
Particulars
Amount($)
Particulars
Amount(S)
01-Jan
Balance
1,28,400 Completed
3,86,200
Direct Material
1,31,000
Direct Labor
1,39,000
Manufacturing Overhead
1,66,800...

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