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P2-2A For the year ended December 31, 2017, the job cost sheets of Cinta Company con- tained the following data. Prepare entries i cost system and income stateme Job 7640 Balance 1/1 7641 Balance 1/1 Direct Direct Manufacturing Total (L01,2,3,4, Number Explanation Materials Labor Overhead $ 77,800 109,200 50,600 148,600 179,000 $25,000 $24,000 Current years costs 30,000 36,000 $24,000280Costs 11,000 18,000 Current years costs 43,000 48,000 43,200 21,600 57,600 66,000 7642 Current years costs58,000 55,000
Other data: f raw 1. Raw materials inventory totaled $15,000 on January 1. During the year, $140,000 0 materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $87,000 and Job No. 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 la $18,000, and depreciation on factory machinery $8,000. Instructions (a) Prove the agreement of Work in Process Inventory with job cost sheets pertain ing to unfinished work. (Hint: Use a single T-account for Work in Process Inventory Calculate each of the following, then post each to the T-account: (1) beginning bal ance, (2) direct materials, (3) direct labor, (4) manufacturing overhead, and (5) com- pleted jobs. (b) Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (c) Determine the gross profit to be reported for 2017.
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Answer #1
a) T-Accounts:
Direct Materials account :
DEBIT AMOUNT$ CREDIT AMOUNT $
OB 15000 WIP 131000 30000+43000+58000
Purchases 140000 Manuf. Overhead 14000
CB 10000
Total 155000 Total 155000
Work In Process account :
OB 128400 Finished Goods 386200 77800+50600 77800+109200+50600+148600
Direct Material 131000 CB 179000
Direct Labor 139000 36000+48000+55000
Manuf. overhead 166800
Total 565200 Total 565200
Finished Goods account :
OB 179000 COGS 378200 87000+92000+(50600+148600)
WIP 386200 CB 187000
Total 565200 Total 565200
Manufacturing Overhead account:
Accounts Payable 120000 WIP 166800 43200+57600+66000
Indirect Material 14000
Indirect Labor 18000
Depreciation exp. 8000
COGS (overhead overapplied) 6800
Total 166800 Total 166800
COGS account:
Finished Goods 378200 Manuf. Overhead 6800
Income Summary 371400
Total 378200 Total 378200
b) Adjustment entry:'
Debit $ Credit $
Debit Manufacturing overhead 6800
Credit COGS 6800
Being the overapplication of overhead closed to COGS
c) Gross Profit:
Sales $530,000
Less: COGS 371400
Gross Profit $158,600
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