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. |
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