Secure https un yPLUS Weygandt, Managerial Accounting, 8e MANAGEMENT ACCOUNTING

Question

Secure https un yPLUS Weygandt, Managerial Accounting, 8e MANAGEMENT ACCOUNTING (ACCT 2120) Grace Period: 4 days left 1 Register Now d, Study & Practice Open Assignment AssignmentProblem 2-2A (Video) For the year ended December 31, 2020, the job cost sheets of Cinta Company contained the following data. Job Direct Direct Manufacturing Total Explanation 7640 Blance 1/1 $26,500 $25,440 30,528 $82,468 45,792 115,752 22,896 53,636 61,056 157,516 69,960 189,740 Current year's costs 31,800 38,160 11,660 19,080 45,580 50,880 7 Balance 1/1 Current years costs 7642 Current year's costs 61,480 58,300 Other data: 1. Raw materials inventory totaled $15,900 on January 1. During the year, $148,400 of raw materials were purchased on account 2. Finished goods on January 1 consisted of Job No. 7638 for $92,220 and Job No. 7639 for $97,520. 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 $561,800 S. Manufacturing overhead incurred on account totaled $127,200 | 6. Other manufacturing overhead consisted of indrect materials $14,840, indrect labor $19,000, and depreciation on factory machinery $8,480. Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work. Post each to the T-account ih the folowing order: (3) beginning balance, (2) direct materiails, (3) direct labor, (4) manufacturing overhead, and (5) completed jobs Work in Process Inventory 1/1 Balance Completed Work version 4.24.9.

Explanation / Answer

Working:

Balance = $82468 + $53636 = $136104

Direct materials = $31800 + $45580 + $61480 = $138860

Direct labor = $38160 + $50880 + $58300 = $147340

Manufacturing overhead = $45792 + $61056 + $69960 = $176808

Completed work = $82468 + $115752 + $53636 + $157516 = $409372

Working:

Gross profit: $160,908

Working:

Work in Process Inventory 1/1 Balance 136104 Completed work 409372 Direct materials 138860 Direct labor 147340 Manufacturing overhead 176808 12/31 Balance 189740

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