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P2-2A For the year ended December 31, 2017, the job cost sheets of Cinta Company con- tained the following data. Prepare entries i cost system and income stateme Job 7640 Balance 1/1 7641 Balance 1/1 Direct Direct Manufacturing Total (L01,2,3,4, Number Explanation Materials Labor Overhead $ 77,800 109,200 50,600 148,600 179,000 $25,000 $24,000 Current years costs 30,000 36,000 $24,000280Costs 11,000 18,000 Current years costs 43,000 48,000 43,200 21,600 57,600 66,000 7642 Current years costs58,000 55,000
Other data: f raw 1. Raw materials inventory totaled $15,000 on January 1. During the year, $140,000 0 materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $87,000 and Job No. 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 la $18,000, and depreciation on factory machinery $8,000. Instructions (a) Prove the agreement of Work in Process Inventory with job cost sheets pertain ing to unfinished work. (Hint: Use a single T-account for Work in Process Inventory Calculate each of the following, then post each to the T-account: (1) beginning bal ance, (2) direct materials, (3) direct labor, (4) manufacturing overhead, and (5) com- pleted 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.
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