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 |
| 7640 |
|
Balance 1/1 |
|
$25,000 |
|
$24,000 |
|
$28,800 |
|
$77,800 |
|
|
Current year’s costs |
|
30,000 |
|
36,000 |
|
43,200 |
|
109,200 |
| 7641 |
|
Balance 1/1 |
|
11,000 |
|
18,000 |
|
21,600 |
|
50,600 |
|
|
Current year’s costs |
|
43,000 |
|
48,000 |
|
57,600 |
|
148,600 |
| 7642 |
|
Current year’s costs |
|
58,000 |
|
55,000 |
|
66,000 |
|
179,000 |
Other data:
| 1. |
|
Raw materials inventory totaled $15,000on January 1. During the year, $140,000of raw materials were purchased on account. |
| 2. |
|
Finished goods on January 1 consisted of Job No. 7638 for $87,000and 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. |
|
|
|
 |
