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Problem 2-2A (Video) For the year ended December 31, 2020, the job cost sheets of Cinta Company contained the following data. Job Direct Direct Manufacturing Total Number Explanation Materials Labor Overhead Costs 7640 Balance 1/1 $31,250 $30,000 $36,000 $97,250 Current year's costs 37,500 45,000 54,000 136,500 7641 Balance 1/1 13,750 22,500 27,000 63,250 Current year's costs 53,750 60,000 72,000 185,750 7642 Current year's costs 72,500 68,750 82,500 223,750 Other data: 1. Raw materials inventory totaled $18,750 on January 1. During the year, $175,000 of raw materials were purchased on account. 2 Finished goods on January 1 consisted of Job No. 7638 for $108,750 and Job No. 7639 for $115,000. 3. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $662,500. 5. Manufacturing overhead incurred on account totaled $150,000. 6. Other manufacturing overhead consisted of indirect materials $17,500, Indirect labor $22,500, and depreciation on factory machinery $10,000. 4. 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 orde manufacturing overhead, and (5) completed jobs. ove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work. Post ea anufacturing overhead, and (5) completed jobs. Work in Process Inventory 1 Balance 160500||| Completed Work 482750 Direct Materials 163750 Direct Labor 173750 JODI Manufacturing Overhead 208500 2/31 Balance 223750 ork in process balance 223750 223750 No. 7642 nfinished job Prepare the adjusting entry for manuracturing overneaa, assuming the balance is allocated entirely to cost or Goo manually.) Account Titles and Explanation Debit Credit Manufacturing Overhead xl 8500 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT x Your answer is incorrect. Try again. Determine the gross profit to be reported for 2020. Gross profit Click if you would like to Show Work for this question: Open Show Work