Problem 15-2A Job Number Explanation Direct Materials Direct Labor Manufacturing
ID: 2482198 • Letter: P
Question
Problem 15-2A
Job
Number
Explanation
Direct
Materials
Direct
Labor
Manufacturing
Overhead
Total
Costs
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Work in Process Inventory
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Account Titles and Explanation
Debit
Credit
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Problem 15-2A
For the year ended December 31, 2014, the job cost sheets of Cinta Company contained the following data.Job
Number
Explanation
Direct
Materials
Direct
Labor
Manufacturing
Overhead
Total
Costs
Other data:
1. Raw materials inventory totaled $19,950 on January 1. During the year, $186,200 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $115,710 and Job No. 7639 for $122,360. 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 $704,900. 5. Manufacturing overhead incurred on account totaled $159,600. 6. Other manufacturing overhead consisted of indirect materials $18,620, indirect labor $23,940, and depreciation on factory machinery $10,640.
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Prove the agreement of Work in Process Inventory with job cost sheets pertaining to 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 materials, (3) direct labor, (4) manufacturing overhead, and (5) completed jobs.Work in Process Inventory
1/1 Balance Direct materials Direct labor Manufacturing overhead 12/31 Balance Completed work Work in process balance $ Unfinished jobNo. 7638No. 7639No. 7640No. 7641No. 7642
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Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)Account Titles and Explanation
Debit
Credit
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Determine the gross profit to be reported for 2014.Gross profit $
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Copyright © 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved.Explanation / Answer
Answer:
Answer:
Answer: Manufacturing overhead A/C Dr. $9044
To COGS A/C $9044
Answer:
Work in process inventory 1-Jan Balance 170772 Completed work 513646 Direct materials 174230 Direct labor 184870 Manufacturing overhead 221844 31-Dec Balance 238070