Christopher's Custom Cabinet Company uses a job order cost system with overhend applied as a percentage of direct labor costs, Inventory balances at the beginning of 2018 follow: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $16,400 7.000 21,100 The following transactions occurred during January (a) Purchased materials on account for $26,300 b) issued materials to production totaling $21,300, 90 percent of which was traced to specific jobs and the remainder of which was treated as Indirect materials (c) Payroll costs totaling $17.900 were recorded as follows: $11,600 for assembly workers 1,200 for factory supervision 1,700 for administrative personnel 3,400 for sales commissions (d) Recorded depreciation: $6,000 for factory machines, $1,400 for the copler used in the administrative office (e) Recorded $1,100 of expired Insurance. Forty percent was insurance on the manufacturing facility with the remainder classified as an administrative expenses Pald $6.400 in other factory costs in cash (g) Applied manufacturing overhead at a rate of 200 percent of direct labor cost. m Completed all jobs but one the job cost sheet for the uncompleted job shows $2,300 for direct materials, $2,200 for direct labor, and $4,400 for applied overhead, Sold jobs costing $50.700. The revenue earned on these jobs was $65.910 Required: 1. Set up Taccounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts: a Raw Materials inventory b. Work in Process inventory c. Finished Goods Inventory d. Cost of Goods Sold Required: 1. Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts: a. Raw Materials Inventory b. Work in Process Inventory c. Finished Goods Inventory d. Cost of Goods Sold e. Manufacturing Overhead. f. Selling. General, and Administrative Expenses 9. Sales Revenue 2. Determine how much gross profit the company would report during the month of January before any adjustment is made for the 3. Determine the amount of over- or underapplied overhead. 4. Compute adjusted gross profit assuming that any over or underapplied overhead balance is adjusted directly to cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required 4 Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts: (Post all amounts separately. Do not combine/add any dollar amounts when posting to the accounts.) a. Raw Materials Inventory b. Work in Process Inventory c. Finished Goods Inventory d. Cost of Goods Sold e. Manufacturing Overhead, 1. Selling, General, and Administrative Expenses. g. Sales Revenue Show less Raw Material Inventory 14 Work In Process Inventory Bea Bar amounts separately. Do not combine/add any dollar amounts when posting to the T-accounts.) Set up Taccounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts (Post all a. Raw Materials Inventory. b. Work in Process Inventory. c. Finished Goods Inventory d. Cost of Goods Sold. e. Manufacturing Overhead. f. Selling, General, and Administrative Expenses g. Sales Revenue. Show less Raw Materials inventory 10,400 Bog. Bal Work in Process inventory 7,000 Beg Bal End. Bal. 10.400 End, Bal 7.000 Cost of Goods Sold Finished Goods Inventory 21.100 Beg Bal Beg, Bal End. Bol 21,100 End. Bet 0 Manufacturing Overhemd Selling, General, and Administrative Expenses Beg Bal Beg Bal