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 $26,250 $25,200 $30,240 $81,690 Current years costs 31,500 37,800 45,360 114,660 7641 Balance 1/1 11,550 18,900 22,680 53,130 Current years costs 45,150 50,400 60,480 156,030 7642 Current years costs 60,900 57,750 69,300 187,950 Other data: 1. Raw materials inventory totaled $15,750 on January 1. During the year, $147,000 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $91,350 and Job No. 7639 for $96,600. 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 $556,500. 5. Manufacturing overhead incurred on account totaled $126,000. 6. Other manufacturing overhead consisted of indirect materials $14,700, indirect labor $18,900, and depreciation on factory machinery $8,400. 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 $ SHOW LIST OF ACCOUNTS 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 SHOW LIST OF ACCOUNTS 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 $