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##### ACC - Cinta Company

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Question;For the year ended December 31, 2014, the job cost sheets of Cinta Company contained the following data.Job # Explanation Direct Materials Direct Labor Manufacturing Overhead Total Costs7640 Balance 1/1 \$25,000 \$24,000 \$28,800 \$77,800Current Years Cost \$30,000 \$36,000 \$43,200 \$109,2007641 Balance 1/1 \$11,000 \$18,000 \$21,600 \$50,600Current Years Cost \$43,000 \$48,000 \$57,600 \$148,6007642 Current Years Cost \$58,000 \$55,000 \$66,000 \$179,000Other 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.

Paper#40613 | Written in 18-Jul-2015

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