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For the year ended December 31, 2022, the job cost sheets of Cullumber Company contained the following data. Job Number 7640 7641 7642 Other data: 1. 2. 3. 4. 5. 6. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials $32,000 38,400 14,080 55,040 74,240 Direct Labor $30,720 46,080 23,040 61,440 70,400 Manufacturing Overhead $36,864 55,296 27,648 Total Costs 84,480 $99,584 139,776 64,768 73,728 190,208 229,120 Raw materials inventory totaled $19,200 on January 1. During the year, $179,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $111,360 and Job No. 7639 for $117,760. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $678,400. Manufacturing overhead incurred on account totaled $153,600. Incurred depreciation on factory machinery $10,240.

For the year ended December 31, 2022, the job cost sheets of Cullumber Company contained the following data. Job Number 7640 7641 7642 Other data: 1. 2. 3. 4. 5. 6. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials $32,000 38,400 14,080 55,040 74,240 Direct Labor $30,720 46,080 23,040 61,440 70,400 Manufacturing Overhead $36,864 55,296 27,648 Total Costs 84,480 $99,584 139,776 64,768 73,728 190,208 229,120 Raw materials inventory totaled $19,200 on January 1. During the year, $179,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $111,360 and Job No. 7639 for $117,760. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $678,400. Manufacturing overhead incurred on account totaled $153,600. Incurred depreciation on factory machinery $10,240.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Prepare an income statement through gross profit for 2022. 4:1 V CULLUMBER COMPANY Income Statement (partial) For the Year Ended December 31, 2022 $ $
Transcribed Image Text:Prepare an income statement through gross profit for 2022. 4:1 V CULLUMBER COMPANY Income Statement (partial) For the Year Ended December 31, 2022 $ $
For the year ended December 31, 2022, the job cost sheets of Cullumber 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 $32,000 38,400 14,080 55,040 74,240 Direct Labor $30,720 46,080 23,040 61,440 70,400 Manufacturing Overhead Total Costs $36,864 $99,584 139,776 64,768 73,728 190,208 84,480 229,120 55,296 27,648 Raw materials inventory totaled $19,200 on January 1. During the year, $179,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $111,360 and Job No. 7639 for $117,760. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $678,400. Manufacturing overhead incurred on account totaled $153,600. Incurred depreciation on factory machinery $10,240. Assigned indirect materials of $17,920 and indirect labor of $23,040.
Transcribed Image Text:For the year ended December 31, 2022, the job cost sheets of Cullumber 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 $32,000 38,400 14,080 55,040 74,240 Direct Labor $30,720 46,080 23,040 61,440 70,400 Manufacturing Overhead Total Costs $36,864 $99,584 139,776 64,768 73,728 190,208 84,480 229,120 55,296 27,648 Raw materials inventory totaled $19,200 on January 1. During the year, $179,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $111,360 and Job No. 7639 for $117,760. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $678,400. Manufacturing overhead incurred on account totaled $153,600. Incurred depreciation on factory machinery $10,240. Assigned indirect materials of $17,920 and indirect labor of $23,040.
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