Job Number Explanation Direct Materials Direct Labor Manufacturing Overhead Tota

Question

Job
Number

Explanation

Direct
Materials

Direct
Labor

Manufacturing
Overhead

Total
Costs

(a)

Work in Process Inventory

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(b)

Account Titles and Explanation

Debit

Credit

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(c)

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For the year ended December 31, 2014, the job cost sheets of Cinta Company contained the following data.

Job
Number

Explanation

Direct
Materials

Direct
Labor

Manufacturing
Overhead

Total
Costs

7640 Balance 1/1 $31,750 $30,480 $36,576 $98,806 Current year’s costs 38,100 45,720 54,864 138,684 7641 Balance 1/1 13,970 22,860 27,432 64,262 Current year’s costs 54,610 60,960 73,152 188,722 7642 Current year’s costs 73,660 69,850 83,820 227,330
Other data:
1. Raw materials inventory totaled $19,050 on January 1. During the year, $177,800 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $110,490 and Job No. 7639 for $116,840. 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 $673,100. 5. Manufacturing overhead incurred on account totaled $152,400. 6. Other manufacturing overhead consisted of indirect materials $17,780, indirect labor $22,860, and depreciation on factory machinery $10,160.

Explanation / Answer

Opening Balance 163068 Completed Work 490474 Direct Materials 166370 Direct Labour 176530 Manufacturing Overhead 211836 Closing Balance 227330 Total 717804 Total 717804 Opening WIP Balance Job 7640 98806 Job 7641 64262 Total 163068 Raw Materials JOB 7640 38100 JOB 7641 54610 JOB 7642 73660 Total 166370 Direct Labour JOB 7640 45720 JOB 7641 60960 JOB 7642 69850 Total 176530 Manufacturing Overhead JOB 7640 54864 JOB 7641 73152 JOB 7642 83820 Total 211836 Job 7640 Beginning Balance 98806 Direct Materials 38100 Direct Labour 45720 Manufacturing Overhead 54864 Total 237490 Job 7641 Beginning Balance 64262 Direct Materials 54610 Direct Labour 60960 Manufacturing Overhead 73152 Total 252984 Total Cost of Completed Job Job 7640 237490 Job 7641 252984 Total 490474 Work in Process Balance 227330 Unfinished JOB 7642 (a) Current Years Cost Direct Materials 73660 Direct Labour 69850 Manufacturing Overhead 83820 Total 227330 (b) Actual Overhead Costs Incurred on Account 152400 Indirect Materials 17780 Indirect Labour 22860 Depreciation 10160 Total 203200 Applied Overhead Costs Job 4640 54864 Job 4641 73152 Job 4642 83820 Total 211836 Applied Overhead 211836 Less: Actual Overhead 203200 Overhead Applied 8636 Account Title & Explanation Debit Credit Manufacturing Overhead 8636 Cost of Goods Sold (c ) Sales 673100 Less: Cost of Goods Sold Job 7638 110490 Job 7639 116840 Job 7641 252984 192786 Less: Overapplied overhead 8636 Gross Profit 184150

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