*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 $26,500 $25,440 $30,528 $82,468 Current year's costs 31,800 38,160 45,792 115,752 7641 Balance 1/1 11,660 19,080 22,896 53,636 Current year's costs 45,580 50,880 61,056 157,516 7642 Current year's costs 61,480 58,300 69,960 189,740 Other data: 1. Raw materials inventory totaled $15,900 on January 1. During the year, $148,400 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $92,220 and Job No. 7639 for $97,520. Job No. 7640 and Job No. 7641 were completed during the year. 4. Job Nos. 7638, 7639, and 7641 were sold on account for $561,800. 5. Manufacturing overhead incurred on account totaled $127,200. 6. Other manufacturing overhead consisted of indirect materials $14,840, indirect labor $19,080, and depreciation on factory machinery $8,480. 3. 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 profits