For the year ended December 31, 2020, the job cost sheets of DeVoe Company contained the following data: Job Number Explanation 7640 Balance 1/1 Current year's costs 7641 Balance 1/1 Current year's costs 7642 Current year's costs Direct Materials $25,900 30,000 11,100 43,900 48,900 Direct Labour $24,400 35,600 18,100 48,800 55,000 Manufacturing Overhead $29,400 43,800 22,300 57,600 66,800 Total Costs $79,700 109,400 51,500 150,300 170,700 Other data: 1. Raw materials inventory totalled $15,200 on January 1. During the year, $140,400 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $87,700 and Job No. 7639 for $92,800. 3. Job No. 7640 and Job No. 7641 were completed during the year. 4. Jobs 7638, 7639, and 7641 were sold on account for $530,800. 5. Manufacturing overhead incurred on account totalled $117,300. 6. Other manufacturing overhead consisted of indirect materials $13,700, indirect labour $19,500, and depreciation on factory machinery $7,700. Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work. Calculate each of the following, then post each to the T account: (1) beginning balance, (2) direct materials, (3) direct labour, (4) manufacturing overhead, and (5) completed jobs. (Post entries in the order displayed in the problem statement.) 1. beginning balance 2. direct materials 3. direct labour 4. manufacturing overhead 5. completed jobs closing balance Work in Process Inventory 1/1 12/31 SHOW LIST OF ACCOUNTS 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 the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS Determine the gross profit to be reported for 2020. $ Gross Profit