Christopher's Custom Cabinet Company uses a job order cost system with overhead applled 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 $15, 100 6,600 21,800 The following transactions occurred during January (a) Purchased materials on account for $28,000. (b) issued materials to production totaling $21,800, 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: $11.300 for assembly workers 1,100 for factory supervision 2,700 for administrative personnel 2,800 for sales commissions (d) Recorded depreciation: $5,800 for factory machines, $1,000 for the copler used in the administrative office. (6) Recorded $1.500 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. (1) Completed all jobs but one the job cost sheet for the uncompleted job shows $2,300 for direct materials, $2,300 for direct labor, and $4,600 for applied overhead Sold jobs costing $51,100. The revenue earned on these Jobs was $66,430 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. 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 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 Good 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 acco 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. Raw Materials Inventory Work in Process Inventory 6,600 15,100 Beg. Bal Beg Bal fa) (6) End. Bal. 15,100 End. Bal 6,600 Cost of Goods Sold Finished Goods Inventory 21,800 Beg. Bal. Beg Bal End. Bal 21,800 End. Bat. 0 Manufacturing Overhead Selling, General, and Administrative Expenses Beg Bal Beg Bal End, Bal End. Bal 0 Sales Revenue Beg Bal 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 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 Adjusted Gross Profit