Problem 14-02A a-d For the year ended December 31, 2017, the job cost sheets of
ID: 2566283 • Letter: P
Question
Problem 14-02A a-d For the year ended December 31, 2017, the job cost sheets of Swifty Company contained the following data. Direct Direct Maacturing Telal 25,500 $24,480 Current year's costs 641 Balance 1,220 18,360 22,032 51,62 Current years costs Current years 67,320 182,580 Other data: 1. Raw materials inventory totaled $15,300 on January 1. During the year, $142,800 of raw materials were purchased on account. Factory labor incurred was $160,140 2 Finished goods on January 1 consisted of Job No. 7638 for $88,740 and Job No. 7639 for $93,840. Job No. 7640 and Job No. 7641 were completed during the year Job Nos, 7638, 7639, and 7641 were sold. Manufacturing overhead incurred on account totaled $122,400. Other manufacturing overhead consisted of indirect materials $14,280, indirect labor $18,360, and depreciation on factory machinery $8,160 6. Enter January 1 balances in Raw Materials Inventory, Work in Process Inventory, and Finished Goods (2) Record the 2017 transactions. ) Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work ) Record the adjustment for over- or underapplied manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Factery Labar (a) Beginning balance Incurred factery laber Indirect materials Indirect labor Overhead costs incurred Factory equip depreciatien Assigned evertead Completed jobs b) WIP balance () Overapplied overhead work in precess ba ance Untnished jobExplanation / Answer
Manufacturing Cost Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Raw Materials Inventory Factory Labor Manufacturing Overhead (a) Beginning balance $ 15300 130968 182580 Purchased raw materials 142800 Incurred factory labor 160140 Direct materials -133620 133620 Indirect materials -14280 14280 Direct labor -141780 141780 Indirect labor -18360 18360 Overhead costs incurred 122400 Factory equip. depreciation 8160 Assigned overhead -170136 170136 Completed jobs -393924 393924 Sold jobs -385764 385764 (b) WIP balance 182580 (c) Overapplied overhead 2936 -2936 Work in Process balance $ 182580 Unfinished job 7642 $ 182580