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 Work in Process Inventory Tinished Goods Inventory $16,900 5,400 20,100 The following transactions occurred during January (a) Purchased materials on account for $27,900. (b) Issued materials to production totaling $21700, 90 percent of which was traced to specific Jobs and the remainder of which was treated as Indirect materials. (c) Payroll costs totaling $18,400 were recorded as follows: $11,800 for assembly workers 2,100 for factory supervision 1.800 for administrative personnel 2,700 for sales commissions (d) Recorded depreciation: $4,500 for factory machines, $900 for the copler used in the administrative office. (e) Recorded $1,300 of expired insurance. Forty percent was Insurance on the manufacturing facility, with the remainder classified as an administrative expense. (Paid $4,900 in other factory costs in cash (9) 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, $2,400 for direct labor and $4,800 for applied overhead. (0) 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 Work in Process Inventory c. Finished Goods Inventory d. Cost of Goods Sold e. Manufacturing Overhead 1. 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 overhead balance Raw Materials Inventory 16,900 Work in Process Inventory 5,400 Beg Bal. Beg. Bal End. Bal 16,900 End. Bal. 5,400 Cost of Goods Sold Finished Goods Inventory 20,100 Beg. Bal. Beg. Bal End. Bal 20,100 End. Bal Manufacturing Overhead Selling, General, and Administrative Expenses Beg Bal Beg Bal End. Bal. End. Bal 0 Sales Ravenuo Beg. Bal End. Bal 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 1. Seling, 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 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 Required Determine how much gross profit the company would report during the month of January before any adjustment is made for the overhead balance. Undjustod Gross Profil 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 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 Determine the amount of over- or underapplied overhead. Manufacturing Overhead 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 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 Compute adjusted gross profit assuming that any over- or underapplied overhead balance is adjusted directly to Cost of Goods Sold Adjusted Gross Profit