
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:Prepare an income statement through gross profit for 2022.
4:1
V
CULLUMBER COMPANY
Income Statement (partial)
For the Year Ended December 31, 2022
$
$

Transcribed Image Text: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.
7.
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
Total
Costs
$36,864 $99,584
139,776
64,768
73,728 190,208
84,480 229,120
55,296
27,648
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.
Assigned indirect materials of $17,920 and indirect labor of $23,040.
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