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. Book Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $16,200 5,000 21,900 The following transactions occurred during January (a) Purchased materials on account for $27,900, (b) 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 $19,600 were recorded as follows: $11,800 for assembly workers 3,000 for factory supervision 1,700 for administrative personnel 3,100 for sales commissions (d) Recorded depreciation: $5,200 for factory machines, $900 for the copler used in the administrative office (0) Recorded $1100 of expired Insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense. Paid $6,300 in other factory costs in cash (g) Applied manufacturing overhead at a rate of 200 percent of direct labor cost in completed all jobs but one the job cost sheet for the uncompleted Job shows $2,400 for direct materials, $2,200 for direct labor and $4,400 for applied overhead () Sold jobs costing $52,000. The revenue earned on these jobs was $67600 Required: 1. Set up Taccounts, record the beginning balances, post the January transactions, and compute the final balance for the following 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. 4. 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 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: (Postall 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. Raw Materials Inventory 16,200 Beg Bal Work in Process Inventory 5,000 Beg. Bal End. Bal End, Bal. Finished Goods Inventory 21,900 Cost of Goods Sold Beg. Bal. Beg Bal End Bal End. Bol Manufacturing Overhead Beg Bal Selling, General, and Administrative Expenses Bog. Bal End. Bal 1 End. Bal End. Bal oBook Manufacturing Overhead Beg. Bal Selling, General, and Administrative E Beg. Bal End. Bal End. Bal. Sales Revenue Beg Bal (a) Required Required 2 > (6) (c) (d) 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 m- 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 Sold Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine how much gross profit the company would report during the month of January before any adjustment is made for the overhead balance. Unadjusted Gross Profit 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 adjustme 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 Sold. 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 red 2 Required 4 > Overapplied by Underapplied by d. 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 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 Sold. 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 Adjusted Gross Profit