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 $15,000 on January 1. During the year, $140,000 of raw materials were purchased on account.
2.
Finished goods on January 1 consisted of Job No. 7638 for $87,000 and 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.
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.) Calculate each of the following, then post each to the T-account: (1) beginning balance, (2) direct materials, (3) direct labor, (4) manufacturing overhead, and (5) completed jobs.
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