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 $15,000   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.