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.
Chapter1: Financial Statements And Business Decisions
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
Transcribed Image Text: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.
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