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 the current year follow: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $ 15,700 5,300 20,800 The following transactions occurred during January: a. Purchased materials on account for $27,500. b. Issued materials to production totaling $21,700, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. c. Payroll costs totaling $19,600 were recorded as follows: $11,900 for assembly workers $2,600 for factory supervision $2,600 for administrative personnel $2,500 for sales commissions d. Recorded depreciation: $4,400 for factory machines, $1,400 for the copier used in the administrative office. e. Recorded $1,500 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense. f. Paid $5,400 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 $2,400 for direct materials, $2,100 for direct labor, and $4,200 for applied overhead. i. Sold jobs costing $50,600. The revenue earned on these jobs was $65,780. 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. -Calas Dau 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 I 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts: Note: 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. 00 2 3 33 Owner wethaduation.re 0 7A 4 Pa MarBook Search or type URL 55 6 [47] 1300 R W E R T Y U S D X C H command 8 1 D 61 9 O F F G H J K L > B N M V- P V H command opti 2 . 33 T 4 Ov Pre Methis&Phi Search or type URL 55 4 6 W E R T Y S 27 C 8 Cull 6 a 9 -O ' 1 O P D F G H J K L x C V B N M H command v H H command I opt Help Cha 1.Setup Tecounts record the beginning belacas post the January transactions and compute the final balance for the followin account a Raw Materals Inventory b. Work in Processor Finished Goods Inventory Cost of Goods So Manufacturing Overhead i Seling General, and Administrative Expenses 5 Sees Revenue 2. Deine how much gross profit the company would port during the month of January before any adjustment is made for the oved bac 3. Determine the amount of ever-or underappled ove 4.Compute adjusted grois prift assuming that any s Sold unded overhead bance is adjusted directly to Cost of Goods Complete this question by entering your answers in the tabel Q 2 A " 3 < Pher Search or type 5 8 00 M W E R T Y U N S D F G H x C H n command > -> ' 9 K B N M c P L V command Homework O 3-Cha + coetheducation.com 1Set up Taccounts record the beginning balances, post the January transactions, and compute the final balance for the following accounts Raw Materials inverto b. Work in Processor ched Goody Cost of Goods Sold Manufacturing Overhead Selling, General, and Administive Expemes 9. Sales Revenue 2.Determine how much grass profs 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 underso 4 Completed gross proft assuming that any over or undeadendance is adjusted directly to Ct of Goods complete this question by entering your answers in the late belo 2 N M S 33 0 MarBook Pro G Search of type 5 6 29 E R T Y U 8 00 9 19 O P D F G H J K L X C H command > < B N M H command enewedation.convexhel 5 02 Homework Set up account record the beginning ba accounts a. Raw Materials Inventory b. Work in Process Inventory Finnhed Goods Inventory Cost of Goods Sois Mansacturing Overhead t Selling Gen and Administrative Expenses S tramactions, and compute the final balance for the f 2. Desemine now much gross prote the company would report during the month of January before any adjustment is made t 3.Determine the amount of over underped overhead 4. Compute adjunted gross profit assuming that any o Sole applied overhead balance is busted directly to Cost of G 13 14 Munflock Pr Search or type URL 55 6 & 37 Ned .00 8 9 6 a -Q Q W E R T Y U 1 A 2 N S X D T 2 command EL F G H J K L C V B N M v H command