Custor Question 7 For the year ended December 31,2017, the job cost sheets of Cinta Company contained the following data. Job Direct Direct Manufacturing Total NumberExplanation Materials Labor Overhead Costs $32,544 $87,914 48,816 123,396 24,408 57,178 65,088 167.918 74,580 202,270 7640 Balance 1/1 $28,250 $27,120 Current year's costs 33,900 40,680 12,430 20,340 Current year's costs 48,590 54,240 7642 Current year's costs 65.540 62.150 and 7641 Balance 1/1 ices Other data 1. Raw materials inventory totaled $16950 on January 1. During the year, $158,200 of raw materials were purchased on acca 2. Finished goods on January 1 consisted of Job No. 7638 for $98.310 and Job No. 7639 for $103,960. 3. Job No. 7640 and Job No. 7641 were completed during the year 4. Job Nos. 7638,7639, and 7641 were sold on account for $598,900. 5. Manufacturing overhead incurred on account totaled $135,600. 6. Other manufacturing overhead consisted of indirect materials $15.820, indirect labor $20,340, and depreciation on factory machinery $9,040. urses/17317/assignments/289318?module_item id-679701 Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Manufacturing Overhead Cost of Goods Sold Determine the gross profit to be reported for 2017 Gross profit