For the end of the current year, the job cost sheets of Ying Chen Company contained the following data:

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$$ Job$$ Direct$$ Direct$$ Manufacturing$$ Total

$$ Number$$ Explanation$$ Materials$$ Labor$$ Overhead$$ Costs

$7650$ Balance $1/1$ $$18,000$ $$20,000$ $$25,000$ $$63,000$

$$ Current year$$s costs$22,00030,00037,50089,500$

$7651$ Balance $1/112,00018,00022,50052,500$

$$ Current year$$s costs$28,00040,00050,000118,000$

$7652$ Current year$$s costs$40,00060,00075,000175,000$

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Other data:

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$1.$ Raw materials inventory totaled $$20,000$ on January $1$st$.$ During the year, $$100,000$ of raw materials was purchased on account.

$2.$ Finished goods on January $1$ consisted of Job No$.7648$ for $$98,000$ and Job No$.7649$ for $$62,000.$

$3.$ Job No$.7650$ and Job No$.7651$ were completed during the year.

$4.$ Job No$.7648,7649,$ and $7650$ were sold on account for $$390,000.$

$5.$ Manufacturing overhead incurred on account totaled $$120,000$

$6.$ Other manufacturing overhead consisted of indirect materials $$12,000,$ indirect labor $$18,000,$ and depreciation on factory machinery $$19,500.$

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Instructions:

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a$.$ Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work.$$ Hint:$$ Use a single T account for WIP Inventory.$$ Calculate each of the following, then post each to the T account:$(1)$ beginning balance, $(2)$ direct materials, $(3)$ direct labor, $(4)$ manufacturing overhead, and $(5)$ completed jobs.

b$.$ Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to cost of goods sold.

c$.$ Determine the gross profit to be reported for the current year.