For the year ended December 31, 2020, the job cost sheets of Cullumber 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 $31,250 37,500 13,750 53.750 72,500 Direct Labor $30,000 45,000 22,500 60,000 68,750 Manufacturing Overhead $36,000 54,000 27,000 72.000 82,500 Total Costs $97,250 136,500 63,250 185,750 223,750 7641 7642 Other data: 1. 2 3. 4 5. 6 Raw materials inventory totaled $18,750 on January 1. During the year. $175,000 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $108,750 and Job No.7639 for $115,000. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638,7639, and 7641 were sold on account for $662,500 Manufacturing overhead incurred on account totaled $150,000. Other manufacturing overhead consisted of Indirect materials $17,500, indirect labor $22500, and depreciation on Factory machinery $10,000, 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