Question 7 For the year ended December 31,2017, 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 $26,250 $25,200 Current year's costs 31,500 37,800 11,550 18,900 Current year's costs45,150 50,400 7642 Current year's costs 60,900 57,750 $30,240 $81,690 45,360 114,660 22,680 53,130 0,480 156,030 69,300 187,950 7641 Balance 1/1 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 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 Balance Direct Materials Direct Labor Manufacturing Overhead 2/31 Balance 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 2017. Gross profit