For the year ended December 31, 2020, the job cost sheets of Pharoah Company contained the following data. Job Number Explanation 7640 Direct Materials $26,500 31,800 11,660 45,580 61,480 Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Labor $25,440 38,160 19,080 50,880 58,300 Manufacturing Overhead $30,528 45,792 22,896 61,056 69,960 Total Costs $82,468 115,752 53,636 157,516 189,740 7641 7642 Other data: 1. Raw materials inventory totaled $15,900 on January 1. During the year, $148,400 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $92,220 and Job No. 7639 for $97,520. 3. Job No. 7640 and Job No. 7641 were completed during the year. 4. Job Nos. 7638,7639, and 7641 were sold on account for $561,800. 5. Manufacturing overhead incurred on account totaled $127,200. 6. Other manufacturing overhead consisted of indirect materials $14,840, indirect labor $19,080, and depreciation on factory machinery $8,480. 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 12/31 Work in process balance Unfinished job 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 Determine the gross profit to be reported for 2020. Gross profit