homework chapter 20

Current Attempt in Progress For the year ended December 31, 2022, the job cost sheets of Sheridan Company contained the following data. Job Number Direct Materials Direct Labor Manufacturing Overhead Explanation Total Costs 7640 Balance 1/1 $23,000 $22,080 $26,496 $71,576 Current year's costs 27,600 33,120 39,744 100,464 7641 Balance 1/1 10,120 16,560 19,872 46,552 Current year's costs 39,560 44,160 52,992 136,712 7642 Current year's costs 53,360 50,600 60,720 164,680 Other data: 1. Raw materials inventory totaled $13,800 on January 1. During the year, $128,800 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $80,040 and Job No. 7639 for $84,640. 3. Job No. 7640 and Job No. 7641 were completed during the year. account. 2. Finished goods on January 1 consisted of Job No. 7638 for $80,040 and Job No. 7639 for $84,640. 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 $487,600. 5. Manufacturing overhead incurred on account totaled $110,400. 6. Incurred depreciation on factory machinery $7,360. 7. Assigned indirect materials of $12,880 and indirect labor of $16,560. Prepare an income statement through gross profit for 2022. SHERIDAN COMPANY Income Statement (partial) $ $ $