Question 2 View Policies Current Attempt in Progress For the year ended December 31, 2020, the job cost sheets of Cinta Company contained the following data. Job Number 7640 Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Direct Materials Labor $25,750 $24,720 30,900 37,080 11,330 18,540 44,290 49,440 59,740 56,650 Manufacturing Total Overhead Costs $29,664 $80,134 44,496 112,476 22,248 52,118 59,328 153,058 67,980 184,370 7641 7642 Other data: 1. Raw materials inventory totaled $15,450 on January 1. During the year, $144,200 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $89,610 and Job No. 7639 for $94,760. 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 $545,900. 5. Manufacturing overhead incurred on account totaled $123,600. 6. Other manufacturing overhead consisted of indirect materials $14,420, indirect labor $18,540, and depreciation on factory machinery $8,240. 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 $ e Textbook and Media List of Accounts 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 e Textbook and Media List of Accounts Determine the gross profit to be reported for 2020. Gross profit $ e Textbook and Media List of Accounts