Problem 20-02A a-c For the year ended December 31, 2020, the job cost sheets of Blossom Company contained the following data. Job Number Direct Materials Direct Labor Manufacturing Overhead Total 7640 Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs 7641 $25,250 30,300 11,110 43,430 58,580 $24,240 36,360 18,180 48,480 55,550 $29,088 43,632 21,816 58,176 66,660 $78,578 110,292 51,106 150,086 180,790 7642 Other data: 1. 2. 3. 4. 5. 6. Raw materials inventory totaled $15,150 on January 1. During the year, $141,400 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $87,870 and Job No. 7639 for $92,920. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638, 7639, and 7641 were sold on account for $535,300. Manufacturing overhead incurred on account totaled $121,200. Other manufacturing overhead consisted of indirect materials $14,140, indirect labor $18,180, and depreciation on factory machinery $8,080. 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 order: (1) beginning balance, (2) direct materials, (3) direct labor, (4) manufacturing overhead, and (5) completed jobs. Work in Process Inventory 1/1 12/31 Work in process balance Unfinished job Prepare 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 Determine the gross profit to be reported for 2020. Gross profit %