P16-2A For the year ended Dec contained the following data. ended December 31, 2017, the job cost sheets of Cinta Company Pro Job Post Number Explanation 7640 Balance 1/1 Current year's costs 7641 Balance 1/1 Current year's costs 7642 Current year's costs sqlle De Direct Materials $25,000 30,000 11,000 43,000 58,000 Direct Labor $24,000 36,000 18,000 48,000 55,000 Manufacturing Overhead $28,800 43,200 21,600 57,600 66,000 Total Costs $ 77,800 109,200 50,600 148,600 179,000 Other data: materials inventory totaled $15,000 on January 1. During the year, $140,000 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $87,000 and Job No. 7639 for $92,000. 3. Job No. 7640 and Job No. 7641 were completed during the year. 4. Job Nos. 7638, 7639, and 7641 were sold on account for $530,000. 12 STORE 5. Manufacturing overhead incurred on account totaled $120,000. 6. Other manufacturing overhead consisted of indirect materials $14,000, indirect labor 15 $18,000, and depreciation on factory machinery $8,000. bomberman TODO EL Instructions (a) 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.) Calculate each of the following, then post each to the T-account: (1) beginning bal- ance. (2) direct materials, (3) direct labor, (4) manufacturing overhead, and (5) com- pleted jobs. Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. odi (c) Determine the gross profit to be reported for 2017