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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 Finished Goods Inventory 516,900 7,600 20, 180 The following transactions occurred during January (a) Purchased materials on account for $26,700. (b) issued materials to production totaling $20.900.90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials (c) Payroll costs totaling $16,600 were recorded as follows: $11,200 for assembly workers 1,800 for factory supervision 1700 for administrative personnel 1.900 for sales commissions (d) Recorded depreciation. 55,200 for factory machines. $1,000 for the copler used in the administrative office (e) Recorded $1,800 of expired insurance Forty percent was insurance on the manufacturing facility with the remainder classified as an administrative expense Paid $6,000 in other factory costs in cash (a) Applied manufacturing overhead at a rate of 200 percent of direct labor cost thi Completed all jobs but one, the job cost sheet for the uncompleted job shows $2,200 for direct materials $2,300 for direct labor and $4,600 for applied overhead. X Sold jobs costing $51,600. The revenue earned on these jobs was 567080 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. Selling General, and Administrative Expenses g. Sales Revenue 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: (Post all 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 Show less Raw Materials Inventory 16.900 26 700 20,9001 Work in Process Inventory 7.000 Beg Bal fa) Beg Bal End Bal 22.700 End Bal 7.000 Finished Goods Inventory 20.100 Cost of Goods Sold Beg Bal Beg Bar End Bal 20.100 End, Bal Manufacturing Overhead Selling, General, and Administrative Expenses Beg. Bal Beg Bal. End Bal End, Bal Sales Revenue Beg Bal End Bal 0 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 Required 1 Required 2 Required 3 Required 4 Determine the amount of over- or underapplied overhead. Manufacturing Overhead 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