5 of 6 Job Number Explanation Direct Materials Direct Manufacturing Labor Overhead 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 1.67/3 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. 4. 5. Job Nos. 7638, 7639, and 7641 were sold on account for $487.600 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 Question 5 of 6 < > Your answer is correct. 1.67/3 Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work. Post each to the T-account in the following order: (1) beginning balance, (2) direct materials, (3) direct labor, (4) manufacturing overhead, and (5) completed jobs. Work in Process Inventory 1/1 Balance Direct Materials 118128 Completed Work 120520 Direct Labor 127880 Manufacturing Overhead v 153456 12/31 Balance 164680 Work in process balance 164680 Unfinished job No.7642 v 164680 35530 Question 5 of 6 1.67/3 *** -Your answer is partially correct. Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Manufacturing Overhead Cost of Goods Sold eTextbook and Media Debit 164680 Credit 164680