Please see the attachment for data Question :Prove the agreement fo Work in Process Inventory with job cost sheets pertaining unfinished work. (hint: use a single T-account for Work In Process Inventory). Calculate each of the following, then post each to the T-account : (1) Beginning Balance, (2) Direct Material, (3) Direct Labor, (4) Manufacturing Overhead, and (5) Completed Jobs Thanks in advance P2-2A For the year ended December 31, 2014, the job cost sheets of Cinta Companycontained the following data.JobDirectTotalManufacturingOverheadDirectNumberExplanationMaterialsLaborCosts$ 77,800109,20050,600148,600179,0007640Balance 1/1$25,00030,00011,000$24,00036,00018,00048,00055,000$28,80043,200Current year's costsBalance 1/1Current year's costsCurrent year's costs764121,60043,00058,00057,600764266,000Other data:1. Raw materials inventory totaled $15,000 on January 1. During the year, $140,000 of rawmaterials were purchased on account.2. Finished goods on January 1 consisted of Job No. 7638 for $87,000 and Job No. 7639for $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.

Answered: Image /qna-images/answer/1eba62a5-898b-4ab6-b9bb-e85095a6d263.jpg

Answered: P2-2A For the year ended December 31,…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

100%

Please see the attachment for data

Question :

Prove the agreement fo Work in Process Inventory with job cost sheets pertaining unfinished work. (hint: use a single T-account for Work In Process Inventory). Calculate each of the following, then post each to the T-account : (1) Beginning Balance, (2) Direct Material, (3) Direct Labor, (4) Manufacturing Overhead, and (5) Completed Jobs

Thanks in advance

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.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions