7640 For the year ended December 31, 2020, the job cost sheets of Devoe Company contained the following data: Job Direct Direct Manufacturing Total Number Explanation Materials Labour Overhead Costs Balance 1/1 $25,200 $25,000 $28,900 $79,100 Current year's costs 30,400 35,200 43,500 109,100 7641 Balance 1/1 11,400 18,200 22,100 51,700 Current year's costs 43,300 48,900 58,100 150,300 7642 Current year's costs 48,400 55,700 66,300 170,400 Other data: 1. Raw materials inventory totalled $15,100 on January 1. During the year, $140,200 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $87,100 and Job No. 7639 for $92,100. 3. Job No. 7640 and Job No. 7641 were completed during the year. 4. Jobs 7638, 7639, and 7641 were sold on account for $530,500. 5. Manufacturing overhead incurred on account totalled $118,000. 6. Other manufacturing overhead consisted of indirect materials $13,900, indirect labour $20,000, and depreciation on factory machinery $7,800. Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work. Calculate each of the following, then post each to the T account: (1) beginning balance, (2) direct materials, (3) direct labour, (4) manufacturing overhead, and (5) completed jobs. (Post entries in the order displayed in the problem statement.) 1. beginning balance 130800 2. direct materials 122100 3. direct labour 139800 4. manufacturing overhead 167900 5. completed jobs $ closing balance Work in Process Inventory 1/1 12/31 Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Determine the gross profit to be reported for 2020. Gross Profit