saved Help Christopher's Custom Cabinet Company uses a job order cost system with overhead applied as a percentage of direct labor costs Inventory balances at the beginning of 2018 follow: Raw Materials Inventory Work in Process Inventory Finished Goods Inventory $16,700 5,400 20,100 The following transactions occurred during January (a) Purchased materials on account for $27,300. (b) issued materials to production totaling $21,400, 90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. (c) Payroll costs totaling $18,500 were recorded as follows: $11,500 for assembly workers 2,100 for factory supervision 2,600 for administrative personnel 2,300 for sales commissions (d) Recorded depreciation: $5.900 for factory machines, $1,000 for the copier used in the administrative office, (e) Recorded $1.200 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense. Pald $6,100 in other factory costs in cash. (0) Applied manufacturing overhead at a rate of 200 percent of direct labor cost. my completed all jobs but one: the job cost sheet for the uncompleted job shows $2,300 for direct materials. $2,500 for direct labor, and $5,000 for applied overhead. Sold jobs costing $51,900. The revenue eamed on these jobs was $67470. Required: 1. Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts: a. Raw Materials Inventory b. Work in Process Inventory c. Finished Goods Inventory d. Cost of Goods Sold e. Manufacturing Overhead. 1. Selling, General, and Administrative Expenses Prev Next Seved Help sar Required: 1. Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts: a. Raw Materials Inventory b. Work in Process Inventory c. Finished Goods Inventory d. Cost of Goods Sold. e. Manufacturing Overhead. f. Selling, General, and Administrative Expenses. 9. Sales Revenue. 2. Determine how much gross profit the company would report during the month of January before any adjustment is made for the overhead balance. 3. Determine the amount of over- or underapplied overhead, 4. Compute adjusted gross profit assuming that any over- or underapplied overhead balance is adjusted directly to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts: Postal amounts separately. Do not combine/add any dollar amounts when posting to the accounts) a. Raw Materials Inventory b. Work in Process Inventory c. Finished Goods Inventory d. Cost of Goods Sold e. Manufacturing Overhead 1. Selling, General, and Administrative Expenses 9. Sales Revenue. Show Raw Materials inventory 16,700 Wo Preces 1,400 Beg Bot Beg Bal Saved Points Raw Materials Inventory 16,700 Work in Process Inventory 5,400 Beg. Bal. Beg. Bal. End. Bal. 16,700 End. Bal. 5,400 Cost of Goods Sold Finished Goods Inventory 20,100 Beg. Bal Beg. Bal. End. Bal 20,100 End. Bal Manufacturing Overhead Bog. Bat. Selling, General, and Administrative Expenses Bog. Bat. End. Bal. 0 End. Bal. 0 Sales Revenue Bog. Bal 53 End. Bal balance for the following Inventory b. Work in Process Inventory. c. Finished Goods Inventory d. Cost of Goods Sold. e. Manufacturing Overhead, t. Selling, General, and Administrative Expenses. g. Sales Revenue. 2. Determine how much gross profit the company would report during the month of January before any adjustment is made for the overhead balance. 3. Determine the amount of over- or underapplied overhead. 4. Compute adjusted gross profit assuming that any over- or underapplied overhead balance is adjusted directly to Cost of Goods Sold Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine how much gross profit the company would report during the month of January before any adjustment is made for the overhead balance. Undjusted Gross Profit 3. Determine the amount of over- or underapplied overhead. 4. Compute adjusted gross profit assuming that any over- or underapplied overhead balance is adjus Sold. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Determine the amount of over- or underapplied overhead. Manufacturing Overhead much gross profit the company would report during the month of January before any adjustment is made fo overhead balance. 3. Determine the amount of over- or underapplied overhead. 4. Compute adjusted gross profit assuming that any over- or underapplied overhead balance is adjusted directly to Cost of God Sold Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute adjusted gross profit assuming that any over- or underapplied overhead balance is adjusted directly to cost of Goods Sold Adjusted Gross Profit