P3-32A (SO 2, 3, 4, 5) Prepare entries in a job-order cost system and partial income statement. For the year ended December 31, 2016, the job cost sheets of De Voe Company contained the following data: Job Number Explanation Direct Direct Manufacturing Total Materials Labour Overhead Costs 7640 Balance 1/1 $25,000 $24,000 $28,800 $77,800 Current year's costs 30,000 36,000 43,200 109,200 7641 Balance 1/1 11,000 18,000 21,600 50,600 Current year's costs 43,000 48,000 57,600 148,600 7642 Current year's costs 58,000 55,000 66,000 179,000 Other data: 1. Raw materials inventory totalled $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. 5. 6. Manufacturing overhead incurred on account totalled $120,000. Other manufacturing overhead consisted of indirect materials $14,000, indirect labour $18,000, and depreciation on factory machinery $8,000 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 balance, (2) direct materials, (3) direct labour, (4) anufacturing near and (5) completed jobs