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PA2-5 (Algo) Recording Manufacturing Costs and Analyzing Manufacturing Overhead (LO 2-3, 2-4, 2-5) 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 $15,300 6,200 20,400 The following transactions occurred during January (a) Purchased materials on account for $26.600 (b) Issued materials to production totaling $21.900.90 percent of which was traced to specific jobs and the remainder of which was treated as indirect materials. (c) Payroll costs totaling $17,700 were recorded as follows: $10,100 for assembly workers 1.600 for factory supervision 2,900 for administrative personnel 3,100 for sales commissions (d) Recorded depreciation: $4,200 for factory machines, $1,400 for the copler used in the administrative office. (e) Recorded $1,100 of expired insurance. Forty percent was insurance on the manufacturing facility, with the remainder classified as an administrative expense. (0) Paid $6.200 in other factory costs in cash. (9) Applied manufacturing overhead at a rate of 200 percent of direct labor cost (n) Completed all jobs but one, the job cost sheet for the uncompleted job shows $2.400 for direct materials, $2.400 for direct labor. and $4,800 for applied overhead. Sold jobs costing $51,900. The revenue earned on these jobs was $67.470 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. 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. Set up T-accounts, record the beginning balances, post the January transactions, and compute the final balance for the following accounts: (Post all amounts separately. Do not combine/add any dollar amounts when posting to the T-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 g. Sales Revenue. Show less A Raw Materials Inventory 15,300 Beg. Bal Work in Process Inventory 6.200 Beg. Ball End, Bal 15,300 End. Bal 6,200 Finished Goods Inventory 20,400 Cost of Goods Sold Beg Bal Beg. Bal End, Bal 20.400 End. Bal Manufacturing Overhead Beg. Bal Selling, General and Administrative Expenses Beg. Bal Manufacturing Overhead Selling, General, and Administrative Expenses Beg. Bal Beg Bal End. Bal End. Bal 0 Sales Revenue Beg. Bal End Bal 0 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. Unadjusted Gross Profit Required 1 Required 2 Required 3 Required 4 Determine the amount of over- or underapplied overhead Manufacturing Overhead 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