P2-2A For the year ended December 31, 2014, the job cost sheets of Cinta Company contained the following data. Job Direct Total Manufacturing Overhead Direct Number Explanation Materials Labor Costs $ 77,800 109,200 50,600 148,600 179,000 7640 Balance 1/1 $25,000 30,000 11,000 $24,000 36,000 18,000 48,000 55,000 $28,800 43,200 Current year's costs Balance 1/1 Current year's costs Current year's costs 7641 21,600 43,000 58,000 57,600 7642 66,000 Other data: 1. Raw materials inventory totaled $15,000 on January 1. During the year, $140,000 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $87,000 and Job No. 7639 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 labor $18,000, and depreciation on factory machinery $8,000.

P2-2A For the year ended December 31, 2014, the job cost sheets of Cinta Company contained the following data. Job Direct Total Manufacturing Overhead Direct Number Explanation Materials Labor Costs $ 77,800 109,200 50,600 148,600 179,000 7640 Balance 1/1 $25,000 30,000 11,000 $24,000 36,000 18,000 48,000 55,000 $28,800 43,200 Current year's costs Balance 1/1 Current year's costs Current year's costs 7641 21,600 43,000 58,000 57,600 7642 66,000 Other data: 1. Raw materials inventory totaled $15,000 on January 1. During the year, $140,000 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $87,000 and Job No. 7639 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 labor $18,000, and depreciation on factory machinery $8,000.

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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