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Christopher's Custom Cabinet Company uses a job order cost systert with overhead applied as a percentage of ditect latior costs Inventory balances at the beginning of 2018 follow: The following transactions occured during January: (a) Purchased materials on account for $27,200 (b) Issued materials to production totaling $20,900,90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. (c) Payroll costs totaling $19,000 were recorded as follows: $11,800 for assembly workers 1,900 for factory supervision 2,900 for administrative personnel 2,400 for sales commissions (d) Recorded depreciation: $5,200 for factory machines, $1,000 for the copier used in the administratlve otfice. (e) Recorded $1,100 of expired insurance. Forty percent was insurance on the manufacturing facilty, with the remainder classified as an administrative expense. (I) Paid $6,300 in other factory costs in cash. (g) Applied manufacturing overhead at a rate of 200 percent of direct labor cost. (h) Completed all jobs but one, the job cost sheet for the uncompleted job shows $2,300 for direct matelals, $2,500 for direct labor. and $5,000 for applied overhead. (i) Sold jobs costing $51,700. The revenue eamed on these jobs was $67210. Required: 1. Set up Taccounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts: o. Raw Materials inventory. b. Work in Process inventory. c. Finished Goods Imventory d. Cost of Goods Sold e. Manufacturing Overhead. f. Selling. General, and Administrative Expenses. 9. Sales Revenue. 2. Determine how much gross profit the company would report during the month of January before any adjustment is made for the overhead balance. 3. Determine the amount of over-or underapplied overhead. 4. Compute adjusted gross profit assuming that any over-or underapplied overhead balance is adjusted directly to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Sct up F-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts: (Post all \begin{tabular}{|l|l|l|l|} \hline \multicolumn{3}{|c|}{ Selling, General, and Administrative Expenses } \\ \hline Beg Bal & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & 0 & \\ \hline End Bal & & \\ \hline \end{tabular} overhead balance. 3. Determine the amount of over-or underapplied overhead 4. Compute adjusted gross profit assuming that any over-or underapplied overhead balance is adjusted direcily to Cast ok Good Sold. Complete this question by entering your answers in the tabs below. Determine how much gross profit the company would report during the month of January before any adjustinent is made for the overhead balance. 2. Determine how much gross profit the company would report during the month of January before any adjustment is overhead balance. 3. Determine the amount of over-or underapplied overhead. 4. Compute adjusted gross profit assuming that any over- or underapplied overhead balance is adjusted directly to C Sold. Complete this question by entering your answers in the tabs below. Determine the amount of over- or underapplied overhead. 3. Determine the amount of over- or underapplied overhead. 4. Compute adjusted gross profit assuming that any over-or underapplied overhead balance is adjusted directly to Cost of Good Sold. Complete this question by entering your answers in the tabs below. Compute adjusted gross profit assuming that any over- or underapplled overhead balance is adjusted directly to Cont of Goods Sold. Set up T-acoounts, record the beginning balances, post the Jangary transactions, and compute the final balance for the following accounts (iouc, aI ampunts separately. Do not combine/add any dollar amounts when-posting to the Traccounts.) a. Raw Materials Inventory. b. Work in Process inventory. C. Finished Goods Inventory. d. Cost of Goods Sold. e. Manufacturing Overhead. f. Selling. General, and Administrative Expenses. 9. Sales Revenue