Christopher's Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs Inventory balances at the beginning of 2018 follow Raw Materials Inventory $16,400 Work in Process Inventory 5,400 Finished Goods Inventory 20,200 The following transactions occurred during January (a) Purchased materials on account for $27,500. (D) Issued materials to production totaling $20,800, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials (c) Payroll costs totaling $19,300 were recorded as follows $11,800 for assembly workers 1,600 for factory supervision 2,600 for administrative personnel 3,300 for sales commissions (d) Recorded depreciation: $4,400 for factory machines, $800 for the copier used in the administrative office. (e) Recorded $1,600 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense (1) Paid $5,800 in other factory costs in cash. (g) Applied manufacturing overhead at a rate of 200 percent of direct labor cost (h) Completed all jobs but one, the job cost sheet for the uncompleted job shows $2,200 for direct materials, $2,400 for direct labor, and $4,800 for applied overhead (Sold jobs costing $50,900. The revenue earned on these jobs was $66,170 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. g. Sales Revenue. 2. Determine how much gross profit the company would report during the month of January before any adjustment is made for the overhead balance. 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 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 T-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. g. Sales Revenue. Show less Raw Materials Inventory Work in Process Inventory Beg Bal 16,400 Beg Bal 5,400 End Bal 16,400 End Bal 5,400 Beg Bal Finished Goods Inventory 20,200 Cost of Goods Sold Beg Bal End Bal 20,200 End Bal 0 Manufacturing Overhead Selling, General, and Administrative Expenses Beg Bal Beg Bal End Bal Sales Revenue Beg Bal End Bal End Bal Complete this question by entering your answers in the tabs below. Required Determine how much gr prift the company would report during the month of January before any jatment is made for the (Replied 1 Required >> Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount of over- or underapplied overhead. Manufacturing Overhead Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute adjusted gross profit assuming that any over- or underapplied overhead balance is adjusted directly to Cost of Goods Sold. Adated Gross Piolt Required 3