For the year ended December 31, 2022, the job cost sheets of Carla Vista Company contained the following data. Job Number 7640 7641 7642 Other data: 1. 2. 3. 4. 5. 6. 7. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials $29.500 35,400 12.980 50,740 68,440 Direct Labor $28,320 42,480 21,240 56,640 64,900 Manufacturing Overhead $33,984 50.976 25,488 Total Costs $91,804 128,856 59,708 67.968 175,348 77,880 211,220 Raw materials inventory totaled $17,700 on January 1. During the year, $165,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $102,660 and Job No. 7639 for $108,560. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638,7639, and 7641 were sold on account for $625,400. Manufacturing overhead incurred on account totaled $141,600. Incurred depreciation on factory machinery $9,440. Assigned indirect materials of $16,520 and indirect labor of $21,240.

For the year ended December 31, 2022, the job cost sheets of Carla Vista Company contained the following data. Job Number 7640 7641 7642 Other data: 1. 2. 3. 4. 5. 6. 7. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials $29.500 35,400 12.980 50,740 68,440 Direct Labor $28,320 42,480 21,240 56,640 64,900 Manufacturing Overhead $33,984 50.976 25,488 Total Costs $91,804 128,856 59,708 67.968 175,348 77,880 211,220 Raw materials inventory totaled $17,700 on January 1. During the year, $165,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $102,660 and Job No. 7639 for $108,560. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638,7639, and 7641 were sold on account for $625,400. Manufacturing overhead incurred on account totaled $141,600. Incurred depreciation on factory machinery $9,440. Assigned indirect materials of $16,520 and indirect labor of $21,240.

FINANCIAL ACCOUNTING

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ISBN:9781259964947

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Chapter1: Financial Statements And Business Decisions

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Question

For the year ended December 31, 2022, the job cost sheets of Carla Vista Company contained the following data.
Job
Number
7640
7641
7642
Other data:
1.
2.
3.
4.
5.
6.
7.
Explanation
Balance 1/1
Current year's costs
Balance 1/1
Current year's costs
Current year's costs
Direct
Materials.
$29,500
35,400
12,980
50,740
68,440
Direct
Labor
$28,320
42,480
21,240
56,640
64,900
Manufacturing
Overhead
Total
Costs
25,488
$91,804
$33,984
50,976 128,856
59,708
67.968 175,348
77,880
211.220
Raw materials inventory totaled $17,700 on January 1. During the year, $165,200 of raw materials were purchased on account.
Finished goods on January 1 consisted of Job No. 7638 for $102,660 and Job No. 7639 for $108,560.
Job No. 7640 and Job No. 7641 were completed during the year.
Job Nos. 7638,7639, and 7641 were sold on account for $625,400.
Manufacturing overhead incurred on account totaled $141,600.
Incurred depreciation on factory machinery $9,440.
Assigned indirect materials of $16,520 and indirect labor of $21,240.

(a)
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
direct labor, (4) manufacturing overhead, and (5) completed jobs.
1/1
12/31
Work in process balance
Unfinished job
$
$
Work in Process Inventory

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