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question for the year ended december 31 2017 the job cost sheets of cinta company co 4279799

Question

For the year ended December 31, 2017, the job cost sheets of Cinta Company contained the following data.

Job

Number

Explanation

Direct

Materials

Direct

Labor

Manufacturing

Overhead

Total

Costs

Other data:

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.) Post each to the T-account in the following order: (1) beginning balance, (2) direct materials, (3) direct labor, (4) manufacturing overhead, and (5) completed jobs.

Work in Process Inventory

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

Determine the gross profit to be reported for 2017.

Job

Number

 

 

Explanation

 

Direct

Materials

 

Direct

Labor

 

Manufacturing

Overhead

 

Total

Costs

7640

 

Balance 1/1

 

$28,750

 

$27,600

 

$33,120

 

$89,470

 

 

Current year’s costs

 

34,500

 

41,400

 

49,680

 

125,580

7641

 

Balance 1/1

 

12,650

 

20,700

 

24,840

 

58,190

 

 

Current year’s costs

 

49,450

 

55,200

 

66,240

 

170,890

7642

 

Current year’s costs

 

66,700

 

63,250

 

75,900

 

205,850

 

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