do not give solution in image Prepare an income statement through gross profit for 2022.4:1VCULLUMBER COMPANYIncome Statement (partial)For the Year Ended December 31, 2022$$ For the year ended December 31, 2022, the job cost sheets of Cullumber Company contained the following data.JobNumber764076417642Other data:1.2.3.4.5.6.7.ExplanationBalance 1/1Current year's costsBalance 1/1Current year's costsCurrent year's costsDirectMaterials$32,00038,40014,08055,04074,240DirectLabor$30,72046,08023,04061,44070,400ManufacturingOverheadTotalCosts$36,864 $99,584139,77664,76873,728 190,20884,480 229,12055,29627,648Raw materials inventory totaled $19,200 on January 1. During the year, $179,200 of raw materials were purchased onaccount.Finished goods on January 1 consisted of Job No. 7638 for $111,360 and Job No. 7639 for $117,760.Job No. 7640 and Job No. 7641 were completed during the year.Job Nos. 7638, 7639, and 7641 were sold on account for $678,400.Manufacturing overhead incurred on account totaled $153,600.Incurred depreciation on factory machinery $10,240.Assigned indirect materials of $17,920 and indirect labor of $23,040.

Calculation of Overapplied Overhead. Working Notes:- Manufacturing Overhead = Current Year…

For the year ended December 31, 2022, the job cost sheets of Cullumber Company contained the following data. Job Number 7640 7641 7642 Other data: 1. 2. 3. 4. 5. 6. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials $32,000 38,400 14,080 55,040 74,240 Direct Labor $30,720 46,080 23,040 61,440 70,400 Manufacturing Overhead $36,864 55,296 27,648 Total Costs 84,480 $99,584 139,776 64,768 73,728 190,208 229,120 Raw materials inventory totaled $19,200 on January 1. During the year, $179,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $111,360 and Job No. 7639 for $117,760. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $678,400. Manufacturing overhead incurred on account totaled $153,600. Incurred depreciation on factory machinery $10,240.

For the year ended December 31, 2022, the job cost sheets of Cullumber Company contained the following data. Job Number 7640 7641 7642 Other data: 1. 2. 3. 4. 5. 6. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials $32,000 38,400 14,080 55,040 74,240 Direct Labor $30,720 46,080 23,040 61,440 70,400 Manufacturing Overhead $36,864 55,296 27,648 Total Costs 84,480 $99,584 139,776 64,768 73,728 190,208 229,120 Raw materials inventory totaled $19,200 on January 1. During the year, $179,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $111,360 and Job No. 7639 for $117,760. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $678,400. Manufacturing overhead incurred on account totaled $153,600. Incurred depreciation on factory machinery $10,240.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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For the year ended December 31, 2022, the job cost sheets of Cullumber Company contained the following data. Job Number 7640 7641 7642 Other data: 1. 2. 3. Explanation 4. Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials $32,000 38,400 14,080 Raw materials inventory totaled $19,200 on January 1. During the year, $179,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $111,360 and Job No. 7639 for $117,760. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $678,400. 5. Manufacturing overhead incurred on account totaled $153,600. 6. Incurred depreciation on factory machinery $10,240. 7. Assigned indirect materials of $17,920 and indirect labor of $23,040. 55,040 74,240 Direct Manufacturing Labor Overhead $30,720 46,080 23,040 61,440 70,400 Total Costs $36,864 $99,584 55,296 139,776 27,648 64,768 73,728 190,208…
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