For the year ended December 31, 2017, the job cost sheets of Cinta Company contained the following data. Job Direct Direct Manufacturing Total Number Explanation Materials Labor Overhead Costs 7640 Balance 1/1 $30,000 $28,800 $34,560 $93,360 Current year's costs 36,000 43,200 51,840 131,040 7641 Balance 1/1 13,200 21,600 25,920 60,720 Current year's costs 51,600 57,600 69,120 178,320 7642 Current year's costs 69,600 66,000 79,200 214,800 Raw materials inventory lotaled $18,000 on January 1. During the year, $168,000 of raw materials were purchased on account. Finished goods on January 1 consisted of Jab No. 7638 for $104,400 and Job No. 7639 for $110,400 Job No. 7640 and Job No. 764i were completed during the year. Jab Nos. 7638, 7639, and 7641 were sold on account for $636.000 Manufacturing overhead incurred on account totaled $144,000. Other manufacturing overhead consisted of indirect materials $16,800, indirect labor $21,600, and depreciation on factory machinery $9,600. Work in Process Inventory 1/1 Balance Balance 154080 Completed Work 463440 Direct Materials 157200 Direct Labor 166800 Manufacturing Overhoad 200160 12/31 Balance Balance - 214800 Work in process balance Unfinished job No. 7642 Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Account Titles and Explanation Debit Credit Determine the gross profit to be reported for 2017. Grass profit: For the year ended December 31, 2017, the job cost sheets of Cinta Company contained the following data. Job Direct Direct Manufacturing Total Number Explanation Materials Labor Overhead Costs 7640 Balance 1/1 $30,000 $28,800 $34,560 $93,360 Current year's costs 36,000 43,200 51,840 131,040 7641 Balance 1/1 13,200 21,600 25,920 60,720 Current year's costs 51,600 57,600 69,120 178,320 7642 Current year's costs 69,600 66,000 79,200 214,800 Raw materials inventory totaled $18,000 on January 1. During the year, $168,000 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $104,400 and Job No. 7639 for $110,400. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $636,000. Manufacturing overhead incurred on account totaled $144,000. Other manufacturing overhead consisted of indirect materials $16,800, indirect labor $21,600, and depreciation on factory machinery $9,600. Work in Process Inventory 154080 Balance Completed Work 463440 Direct Materials 157200 Direct Labor 166000 Manufacturing Overtread 200160 12/31 214800 Balance Work in process balance 214300 Unfinished job No 76423 214800 Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Account Titles and Explanation Debit Credit Determine the gross profit to be reported for 2017. Gross profit