Problem 3.32A - For the year ended December 31, 2020, the job cost sheets of Devoe Company contained the following data: Number 7640 Direct Materials 525,000 30,900 11,000 43,900 48,000 Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Labour $25,000 35,900 18,100 48.500 55,500 7641 Manufacturing Overhead 29,400 44,200 22,100 57,900 67.000 Total Costs $80,200 111.000 51,200 150,300 170,500 7642 Other data: 1. Raw materials inventory totalled $15,200 on January 1. During the year $140,800 of raw materials were purchased on account 2. Finished goods on January 1 consisted of Job No. 7638 for $87,700 and Job No. 7639 for $92,300 3. Job No. 7640 and Job No. 7641 were completed during the year, 4. Jobs 7638,7639, and 7641 were sold on account for $530,700 5. Manufacturing overhead incurred on account totalled $116,300. 6. Other manufacturing overhead consisted of indirect materials $13,900, indirect labour $19,700, and depreciation on factory machinery $7,700. Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work. Calculate each of the following the post each to the T account (1) beginning balance, (2) direct materials, (3) direct labour, (4) manufacturing overhead, and (5) completed yobs (Post entries in the order displayed in the problem statement.) 1. beginning balance 2. direct materials 3. direct labour 4. manufacturing overhead 5. completed Jobs closing balance Work in Process Inventory CES closing balance BACK Work in Process Inventory 12/31 Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (Credit account titles are automatically indented w the amount is entered. Do not indent manually.) Account Titles and Explanati SHOW LIST OF ACCOUNTS Determine the gross profit to be reported for 2020. Gross Profit SHOW LIST OF ACCOUNTS SAVE FOR LATER SUBMIT Question Attempts: 0 of 2 used