P$2\mathrm{.}2($LO $1,2,3,4,5),$ AP For the year ended December $31,2022,$ the job cost sheets of Cinta Company

contained the following data.

Other data:

Raw materials inventory totaled $$15,000$ on January $1.$ During the year, $$140,000$ of raw materials

were purchased on account.

Finished goods on January $1$ consisted of Job No$.7638$ for $$87,000$ and Job No$.7639$ for $$92,000.$

Prepare entries in a job order cost sys$-$

tem and partial income statement.

Raw materials inventory totaled $$15,000$ on January $1.$ During the year, $$140,000$ of raw materials

were purchased on account.

Finished goods on January $1$ consisted of Job No$.7638$ for $$87,000$ and Job No$.7639$ for $$92,000.$

$2-40$ CHAPTER $2$ Job Order Costing

Job No$.7640$ and Job No$.7641$ were completed during the year.

Job Nos. $7638,7639,$ and $7641$ were sold on account for $$530,000.$

Manufacturing overhead incurred on account totaled $$120,000.$

Incurred depreciation on factory machinery $$8,000.$

Assigned indirect materials of $$14,000$ and indirect labor of $$18,000.$

Instructions

a$.$ $$179,000$; Job $7642$ :

$$179,000$

b$.$ Amount $=$$$6,800$

c$.$ $$158,600$

a$.$ 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 follow$-$

ing, then post each to the T$-$account: $(1)$ beginning balance, $(2)$ direct materials, $(3)$ direct labor,

$(4)$ manufacturing overhead, and $(5)$ completed jobs.

b$.$ Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely

to Cost of Goods Sold.

c$.$ Prepare an income statement through gross profit for $2022.$