For the year ended December 31, 2022, the job cost sheets of Ivanhoe Company contained...
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For the year ended December 31, 2022, the job cost sheets of Ivanhoe Company contained the following data. Job Direct Materials Direct Labor Manufacturing Overhead Total Costs Number Explanation Balance 1/1 7640 $27.000 $25,920 $31,104 $84.024 32,400 38,880 46,656 117,936 7641 11.880 19,440 23.328 54,648 Current year's costs Balance 1/1 Current year's costs Current year's costs 46,440 51,840 62,208 160,488 7642 62.640 59,400 71,280 193,320 Other data: 1. 2. 3. Raw materials inventory totaled $16.200 on January 1. During the year. $151,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No.7638 for $93,960 and Job No.7639 for $99.360. Job No.7640 and Job No. 7641 were completed during the year. Job Nos. 7638,7639, and 7641 were sold on account for $572,400. Manufacturing overhead incurred on account totaled $129,600. Incurred depreciation on factory machinery $8.640. Assigned indirect materials of $15.120 and indirect labor of $19,440. 4. 5. 6. 7. Prepare an income statement through gross profit for 2022. IVANHOE COMPANY Income Statement (partial) $
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