Problem 20-2A For the year ended December 31, 2017, the job cost sheets of Cinta Company contained the following data. Job Number Explanation Direct Materials Direct Labor Manufacturing Overhead Total Costs 7640 Balance 1/1 $27,250 $26,160 $31,392 $84,802 Current years costs 32,700 39,240 47,088 119,028 7641 Balance 1/1 11,990 19,620 23,544 55,154 Current years costs 46,870 52,320 62,784 161,974 7642 Current years costs 63,220 59,950 71,940 195,110 Other data: 1. Raw materials inventory totaled $16,350 on January 1. During the year, $152,600 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $94,830 and Job No. 7639 for $100,280. 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 $577,700. 5. Manufacturing overhead incurred on account totaled $130,800. 6. Other manufacturing overhead consisted of indirect materials $15,260, indirect labor $19,620, and depreciation on factory machinery $8,720. 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.) 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 $ Link to Text Link to Text Link to Text Link to Text Link to Text 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 Link to Text Link to Text Link to Text Link to Text Link to Text Determine the gross profit to be reported for 2017. Gross profit $ Link to Text Link to Text Link to Text Link to Text Link to Text Question Attempts: Unlimited Save for later Submit Answer