For the year ended December 31, 2022, the job cost sheets of Bonita Company contained the following data. Job Number Direct Direct Manufacturing Total Explanation Materials Labor Overhead Costs 7640 Balance 1/1 $29,750 $28,560 $34,272 $92,582 Current year's costs 35,700 42,840 51,408 129,948 7641 Balance 1/1 13,090 21,420 25,704 60,214 Current year's costs 51,170 57,120 68,544 176,834 7642 Current year's costs 69,020 65,450 78,540 213,010 Other data: 1. Raw materials inventory totaled $17,850 on January 1. During the year, $166,600 of raw materials were purchased on account. Factory labor incurred was $186,830. 2. Finished goods on January 1 consisted of Job No. 7638 for $103,530 and Job No. 7639 for $109,480. 3. Job No. 7640 and Job No. 7641 were completed during the year. 4. Job Nos. 7638, 7639, and 7641 were sold. 5. 6. Manufacturing overhead incurred on account totaled $142,800. Other manufacturing overhead consisted of indirect materials $16,660, indirect labor $21,420, and depreciation on factory machinery $9,520. (a) (1) Enter January 1 balances in Raw Materials Inventory, Work in Process Inventory, and Finished Goods Inventory. (2) Record the 2022 transactions. (b) (c) Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work. Record the adjustment for over- or underapplied manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (a) Beginning balance Purchased raw materials Incurred factory labor Direct materials Indirect materials Direct labor Indirect labor Overhead costs incurred Factory equip. depreciation $ Raw Materials Inventory 17850 $ 166600 Manufacturing Costs Factory Labor 186830 $ Manufacturing Overh Factory equip. depreciation Assigned overhead Completed jobs Sold jobs (b) WIP balance (c) Overapplied overhead Work in process balance $ Unfinished job $ Work in Process Inventory Finished Goods Inventory Cost of Goods Sold $