For the year ended December 31, 2022, the job cost sheets of Crane Company contained the following data. Direct Materials Total Costs $20,500 $23,616 $63,796 24,600 35,424 89,544 9,020 Job Number 7642 Other data: 1. 7641 2. 3. 5. 4. 7640 6. 7. Explanation Balance 1/1. Current year's costs Balance 1/1 Current year's costs Current year's costs 35,260 47,560 Direct Labor $19,680 29,520 14,760 39,360 45,100 Manufacturing Overhead 17,712 41,492 47,232 121,852 54,120 146,780 Raw materials inventory totaled $12,300 on January 1. During the year, $114,800 of raw materials were pu account. Finished goods on January 1 consisted of Job No. 7638 for $71,340 and Job No. 7639 for $75,440. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638,7639, and 7641 were sold on account for $434,600. Manufacturing overhead incurred on account totaled $98,400. Incurred depreciation on factory machinery $6,560. Assigned indirect materials of $11,480 and indirect labor of $14,760.
For the year ended December 31, 2022, the job cost sheets of Crane Company contained the following data. Direct Materials Total Costs $20,500 $23,616 $63,796 24,600 35,424 89,544 9,020 Job Number 7642 Other data: 1. 7641 2. 3. 5. 4. 7640 6. 7. Explanation Balance 1/1. Current year's costs Balance 1/1 Current year's costs Current year's costs 35,260 47,560 Direct Labor $19,680 29,520 14,760 39,360 45,100 Manufacturing Overhead 17,712 41,492 47,232 121,852 54,120 146,780 Raw materials inventory totaled $12,300 on January 1. During the year, $114,800 of raw materials were pu account. Finished goods on January 1 consisted of Job No. 7638 for $71,340 and Job No. 7639 for $75,440. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638,7639, and 7641 were sold on account for $434,600. Manufacturing overhead incurred on account totaled $98,400. Incurred depreciation on factory machinery $6,560. Assigned indirect materials of $11,480 and indirect labor of $14,760.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Transcribed Image Text:For the year ended December 31, 2022, the job cost sheets of Crane Company contained the following data.
Direct
Materials
Direct
Labor
Total
Costs
$20,500
$19,680
$23,616 $63,796
24,600
35,424
89,544
9,020
Job
Number
7641
1.
Other data:
2.
7642
3.
5.
4.
7640
6.
7.
Explanation
Balance 1/1
Current year's costs
Balance 1/1
Current year's costs
Current year's costs
29,520
14,760
39,360
47,560 45,100
35,260
Manufacturing
Overhead
17,712
41,492
47,232 121,852
54,120 146,780
Raw materials inventory totaled $12,300 on January 1. During the year, $114,800 of raw materials were pu
account.
Finished goods on January 1 consisted of Job No. 7638 for $71,340 and Job No. 7639 for $75,440.
Job No. 7640 and Job No. 7641 were completed during the year.
Job Nos. 7638,7639, and 7641 were sold on account for $434,600.
Manufacturing overhead incurred on account totaled $98,400.
Incurred depreciation on factory machinery $6,560.
Assigned indirect materials of $11,480 and indirect labor of $14,760.
Transcribed Image Text:Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (List
all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not
indent manually.)
Account Titles and Explanation
Manufacturing Overhead
Cost of Goods Sold
Debit
Credit
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