For the year ended December 31, 2020, the job cost sheets of Cinta Company contained the following data. Job Number Direct Materials Direct Labor Manufacturing Overhead Total Costs 7640 $25,500 $24.480 $29,376 $79,356 30,600 Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs 36,720 44,064 111,384 7641 11,220 18,360 22,032 51,612 43,860 48,960 58,752 151,572 7642 59,160 56,100 67.320 182,580 Other data: 1. 2 Raw materials inventory totaled $15,300 on January 1. During the year, $142,800 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $98,740 and Job No. 7639 for $93,840, Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638,7639, and 7641 were sold on account for $540,600. 3. 4. 5. Manufacturing overhead incurred on account totaled $122,400. (b) Your Answer Correct Answer Your answer is partially 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 Ovechesd Cont of Goods Sold eTextbook and Media Solution