For the year ended December 31, 2022, the job cost sheets of Ivanhoe Company contained the following data. Job Number 7640 7641 7642 Other data: 1. 2. 3. 5. 6. 7. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials $27,000 32,400 11,880 46,440 62,640 Direct Labor $25,920 38,880 19,440 51,840 59,400 Manufacturing Overhead $31,104 46,656 23,328 62,208 71,280 Total Costs $84,024 117,936 54,648 160,488 193,320 Raw materials inventory totaled $16,200 on January 1. During the year, $151,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $93,960 and Job No. 7639 for $99,360. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $572,400. Manufacturing overhead incurred on account totaled $129,600. Incurred depreciation on factory machinery $8,640. Assigned indirect materials of $15,120 and indirect labor of $19,440.

For the year ended December 31,2022 , the job cost sheets of Ivanhoe Company contained the following data. Other data: 1. Raw materiab irwentory totaled $16,200 on January 1. During the year, $151,200 of raw materials were purchased on account 2. Finished goods on January 1 consisted of Job No. 7638 for $93,960 and Job No. 7639 for $99,360 3. Job Na. 7610 and Job Na. 7641 were completed during the year. 4. Job Nos. 7638, 7639, and 7641 were sold on account for $572,400. 5. Manufacturing overhead incurred on account totaled $129,600. 6. Incurred depreciation on factory machinery $8,040. 7. Assigned indirect materials of $15,120 and indirect labor of $19,440 Prove the agreement of Workin Process inventory with job cost sheets pertaining to inftnished work. Post esch to the T-account in the following order: (1) beginning balance (2) direct materials, (3) direct labor. (4) manufacturing overhead, and (5) completed fobs. Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (L/st all debit entries before credit entries. Credit account titles are outomatically indented when amount is entered. Do not indent manually)