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Question 41 For the year ended December 31, 2020, the job cost sheets of Devoe Company contained the following data: Job Direst Direct Manufacturing Total Number Explanation Materials Labour Overhead Costs Balance 1/1 $25,700 $24,800 $29,700 $80,200 Current year's costs 30,900 35,600 43,200 109,700 7641 Balance 1/1 11,800 18,200 22,300 52,300 Current year's costs 43,600 48,300 58,000 149,900 7642 Current year's costs 48,500 55,700 66,100 170,300 7640 Other data: 1. Raw materials inventory totalled $15,900 on January 1. During the year, $140,900 of raw materials were purchased on account 2. Finished goods on January 1 consisted of Job No. 7638 for $87,700 and Job No. 7639 for $92,800 3. Job No. 704 and Job No. 7641 were completed during the year. 4. Jobs 7638.7639, and 7641 were sold on account for $530,000 5. Manufacturing overhead incurred on account totalled $113,700. 6. Other manufacturing overhead consisted of indirect materials $13,100, Indirect labour $19,900, and depreciation on factory machinery $7,600 Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work. Calculate each of the following, then post each to the account: (1) beginning balance, (2) direct materials, (3) direct labour, (4) manufacturing overhead, and (5) completed jobs. (Post entries in the order displayed in the problem statement.) 1. beginning balance $ 2. direct materials $ 3. direct labour 4. manufacturing overhead $ 5. completed jobs $ closing balance $ Work In Process Inventory 1/1 A . : 12/31 . . SHOW LIST OF ACCOUNTS Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to cost of Goods Sold. (Credit account cities are automatically indented when the amount entered. Do not indent manually.) Account Titles and Explanation Debit Cred SHOW LIST OF ACCOUNTS Determine the gross profit to be reported for 2020 Gross Profit 5 SHOW LIST OF ACCOUNTS