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For the year ended December 31, 2022, the job cost sheets of Wildhorse Con Job Number 7640 7642 7641 Other data: 1. 2 3. 4. 5. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials Direct Labor $29,280 43,920 13,420 21,960 52,460 58,560 70,760 67,100 $30,500 36,600 Manufacturing Overhead $35,136 52,704 Total Costs $94,916 133,224 26,352 61,732 70,276 181,292 80,520 218,380 Raw materials inventory totaled $18,300 on January 1. During the year, $170,800 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $106,140 and Job No. 7639 for $112,240. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $646,600. Manufacturing overhead incurred on account totaled $146,400,

For the year ended December 31, 2022, the job cost sheets of Wildhorse Con Job Number 7640 7642 7641 Other data: 1. 2 3. 4. 5. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials Direct Labor $29,280 43,920 13,420 21,960 52,460 58,560 70,760 67,100 $30,500 36,600 Manufacturing Overhead $35,136 52,704 Total Costs $94,916 133,224 26,352 61,732 70,276 181,292 80,520 218,380 Raw materials inventory totaled $18,300 on January 1. During the year, $170,800 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $106,140 and Job No. 7639 for $112,240. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $646,600. Manufacturing overhead incurred on account totaled $146,400,

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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For the year ended December 31, 2022, the job cost sheets of Wildhorse Company contained the following data. Job Number 7640 7641 7642 Other data: 2. 1. 3. 4. 5. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials $30,500 36,600 13,420 52,460 58,560 70,760 67,100 Direct Labor $29,280 43,920 21,960 Manufacturing Overhead $35,136 52,704 26,352 70,27 80,520 Total Costs $94,916 133,224 61,732 181,292 218,380 Raw materials inventory totaled $18,300 on January 1. During the year, $170,800 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $106,140 and Job No. 7639 for $112,240. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $646,600. Manufacturing overhead incurred on account totaled $146,400.
Transcribed Image Text:For the year ended December 31, 2022, the job cost sheets of Wildhorse Company contained the following data. Job Number 7640 7641 7642 Other data: 2. 1. 3. 4. 5. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials $30,500 36,600 13,420 52,460 58,560 70,760 67,100 Direct Labor $29,280 43,920 21,960 Manufacturing Overhead $35,136 52,704 26,352 70,27 80,520 Total Costs $94,916 133,224 61,732 181,292 218,380 Raw materials inventory totaled $18,300 on January 1. During the year, $170,800 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $106,140 and Job No. 7639 for $112,240. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $646,600. Manufacturing overhead incurred on account totaled $146,400.
(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) beginning balance, (2) direct materials, (3) direct labor, (4) manufacturing overhead, and (5) completed jobs. 1/1 12/31 Work in process balance Work in Process Inventory
Transcribed Image Text:(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) beginning balance, (2) direct materials, (3) direct labor, (4) manufacturing overhead, and (5) completed jobs. 1/1 12/31 Work in process balance Work in Process Inventory
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