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 | $33,500 | $32,160 | $38,592 | $104,252 | |||||
| Current year’s costs | 40,200 | 48,240 | 57,888 | 146,328 | ||||||
| 7641 | Balance 1/1 | 14,740 | 24,120 | 28,944 | 67,804 | |||||
| Current year’s costs | 57,620 | 64,320 | 77,184 | 199,124 | ||||||
| 7642 | Current year’s costs | 77,720 | 73,700 | 88,440 | 239,860 |
Other data:
| 1. | Raw materials inventory totaled $20,100 on January 1. During the year, $187,600 of raw materials were purchased on account. | |
| 2. | Finished goods on January 1 consisted of Job No. 7638 for $116,580 and Job No. 7639 for $123,280. | |
| 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 $710,200. | |
| 5. | Manufacturing overhead incurred on account totaled $160,800. | |
| 6. | Other manufacturing overhead consisted of indirect materials $18,760, indirect labor $24,120, and depreciation on factory machinery $10,720. |