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Problem 2-H For the year ended December 31, 2012, the job cost sheets of Cinta Company contained the following data. Job Direct Direct Ma nufacturlng Total Number Explanation Materials Labor Overhead Costs 2640 Balance 121 $28,000 $26,880 $32,256 $82,136 Current year's cost}; 33,600 40,320 48,384 122,304 2641 Balance 121 12,320 20,160 24,192 56,622 Current year's costs 48,160 53,260 64,512 166,432 2642 Current year's costs 64,960 61,600 23,920 200,480 Other data : Raw materials inventory totaled $16,800 on January 1. During the year, $156,800 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 2638 for $92,440 and Job No. 2639 for $103,040. Job No. 2640 and Job No. 2641 were completed during the year. Job Nos. 2638, 2639, and 2641 were sold on account for $593,600. Manufacturing overhead incurred on account totaled $134,400. (I'm-\"WM! Dther manufacturing overhead consisted of indirect materials $15,680, indirect labor $20,160, and depreciation on factory machinery $8,960. Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work. (Hint: Use a single T-account for Work in Process Inventory.) 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 Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work. (Hint: Use a single T-account for Work in Process Inventory.) 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 Completed Work Direct Materials Direct Labor Manufacturing Overhead + 12/31 Balance Work in process balance Unfinished job SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT olicy | @ 2000-2019 John Wiley & Sons, Inc. All Rights Reserved. A Division of John Wiley & Sons, Inc. Version 4.24.12.1Prepare 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 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Determine the gross profit to be reported for 2017. Gross profit $ SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor