For the year ended December 31, 2020, the job cost sheets of Sheridan Company contained the following data. Job Number Total Costs 7640 Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials $26,750 32.100 11,770 46,010 62,060 Direct Labor $25,680 38,520 19,260 51,360 Manufacturing Overhead $30,816 46,224 23,112 61,632 70,620 7641 $83,246 116,844 54.142 159.002 191,530 7642 58,850 Other data: 1. 2. 3. Raw materials inventory totaled $ 16,050 on January 1. During the year, $149,800 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $93,090 and Job No. 7639 for $98,440. Job No. 7640 and Job No.7641 were completed during the year. Job Nos. 7638,7639, and 7641 were sold on account for $567,100. Manufacturing overhead incurred on account totaled $128,400. Other manufacturing overhead consisted of indirect materials $14,980, indirect labor $19,260, and depreciation on 4. 5. 6. 5. 6. Manufacturing overhead incurred on account totaled $128,400. Other manufacturing overhead consisted of indirect materials $14.980, indirect labor $19.260, and depreciation on factory machinery $8,560. 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 Balance 137,388 Completed Work Direct Materials Direct Labor Manufacturing Overhead 12/31 Balance Work in process balance Unfinished job v $ e Textbook and Media 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 amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit 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 e Textbook and Media List of Accounts Determine the gross profit to be reported for 2020. Gross profit $ List of Accounts Determine the gross profit to be reported for 2020. Gross profit $ e Textbook and Media List of Accounts