For the year ended December 31, 2020, the job cost sheets of Devoe 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 $25,600 30,400 11,900 43,800 48,700 Direct Labour $24,000 35,800 18,300 48,600 55,000 Manufacturing Overhead $29,500 44,200 22,100 58,600 66,900 Total Costs $79,100 110,400 52,300 151,000 170,600 7641 7642 Other data: 1. Raw materials inventory totalled $15,700 on January 1. During the year, $140,300 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $87,100 and Job No. 7639 for $92,500. 3. Job No. 7640 and Job No. 7641 were completed during the year. 4. Jobs 7638, 7639, and 7641 were sold on account for $530,200. 5. Manufacturing overhead incurred on account totalled $119,400. 6. Other manufacturing overhead consisted of indirect materials $13,200, indirect labour $19,500, and depreciation on factory machinery $7,800. 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 Work in Process Inventory 1/1 12/31 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 Determine the gross profit to be reported for 2020. Gross Profit