For the year ended December 31, 2020, the job cost sheets of Blossom Company contained the following data. Job Number 7640 Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials $28,000 33,600 12,320 48.160 64,960 Direct Labor $26,880 40,320 20.160 53,760 61,600 Manufacturing Overhead $32,256 48,384 24,192 64,512 73,920 Total Costs $87,136 122,304 56,672 166,432 200,480 7641 7642 Other data: 1. 2. 3. Raw materials inventory totaled $16,800 on January 1. During the year, $156,800 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $97,440 and Job No 7639 for $103.040 Job No.7640 and Job No. 7641 were completed during the year, Job Nos. 7638.7639 and 7641 were sold on account for $593,600 Manufacturing overhead incurred on account totaled $134.400, Other manufacturing overhead consisted of indirect materials $15,680. Indirect labor $20,160, and depreciation on factory machinery $8,960. 5. 6 Your answer is correct Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work. Post each to the T- account in the following order: (1) beginning balance, (2) direct materials, (3) direct labor. (4) manufacturing overhead, and (5) completed jobs. Work in Process Inventory 1/1 143,808 Completed Work 432.544 Balance Direct Materials 146,720 Direct Labor 155,680 Manufacturing Overhead 186,816 12/31 Balance 200,480 Work in process balance $ 200,480 Unfinished job No. 7642 $ 200,480 e Textbook and Media Your answer is correct Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Manufacturing Overhead 7.616 Cost of Goods Sold 7.616 e Textbook and Media List of Accounts Attempts: unlimited Your answer is incorrect Determine the gross profit to be reported for 2020. Gross pront $