For the year ended December 31, 2022, the job cost sheets of Wildhorse Company contained the following data. Job Number 7640 Direct Materials $ 32,500 39,000 14,300 55,900 Direct Labor $ 31,200 46,800 Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Manufacturing Overhead $ 37,440 56,160 28,080 Total Costs $ 101,140 141.960 7641 23,400 62,400 65,780 193,180 74,880 7642 75,400 71,500 85,800 232,700 Other data: 1. 2. 3. Raw materials inventory totaled $ 19,500 on January 1. During the year, $ 182,000 of raw materials were purchased on account Finished goods on January 1 consisted of Job No. 7638 for $ 113,100 and Job No. 7639 for $ 119,600. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638,7639, and 7641 were sold on account for $689,000. Manufacturing overhead incurred on account totaled $ 156,000. Incurred depreciation on factory machinery $ 10,400. Assigned indirect materials of $ 18,200 and indirect labor of $ 23,400. 4. 5. 6. 7. Your answer is correct. 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 166920 Completed Work 502060 Direct Materials 170300 Direct Labor 180700 Manufacturing Overhead 216840 12/31 Balance 232700 Work in process balance 232700 Unfinished job No. 7642 $ 232700 eTextbook and Media Assistance Used List of Accounts Attempts: 1 of 5 used (b) Your answer is correct. Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually) Debit Credit Account Titles and Explanation Manufacturing Overhead 8840 Cost of Goods Sold 8840 eTextbook and Media Assistance Used List of Accounts Attempts: 3 of 5 used (c) Prepare an income statement through gross profit for 2022. WILDHORSE COMPANY Income Statement (partial) For the Year Ended December 31, 2022 $ > $ eTextbook and Media Assistance Used List of Accounts Save for Later Last saved 4 minutes ago. Attempts:0 of 5 used Submit