C. What is the gross profit for 2020?

For the year ended December 31, 2020, the job cost sheets of Cinta Company contained the following data. Job Direct Direct Manufacturing Total Number Explanation Materials Labor Overhead Costs 7640 Balance 1/1 $29,500 $28,320 $33,984 $91,804 Current year's costs 35,400 42,480 50,976 128,856 7641 Balance 1/1 12,980 21,240 25,488 59,708 Current year's costs 50,740 56,640 67,968 175,348 7642 Current year's costs 68,440 64,900 77,880 211,220 Other data: 1. Raw materials inventory totaled $17,700 on January 1. During the year, $165,200 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $102,660 and Job No. 7639 for $108,560. 3. Job No. 7640 and Job No. 7641 were completed during the year. 4. Job Nos. 7638, 7639, and 7641 were sold on account for $625,400. 5. Manufacturing overhead incurred on account totaled $141,600. 6. Other manufacturing overhead consisted of indirect materials $16,520, indirect labor $21,240, and depreciation on factory machinery $9,440.(c) Your answer is incorrect. Determine the gross profit to be reported for 2020. Gross profit $ eTextbook and Media List of Accounts Attempts: 1 of 5 used Save for Later Submit AnswerWork in Process Inventory 1/1 Balance 151512 Completed Work 455716 Direct Materials 154580 Direct Labor 164020 Manufacturing Overhead 196824 12/31 Balance 211220 Work in process balance to 211220 Unfinished job No. 76424 to 211220 eTextbook and Media List of Accounts Attempts: 1 of 5 used (b ) Your answer is correct. 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 amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Manufacturing Overhead 3024 Cost of Goods Sold 8024