Total Manufacturing Direct Direct ob Costs Overhead Labor MaterlalsS Explanation Number $84,024 1,104 $27,000 $25,9200 Balance 1/1 7640 117,936 46,656 38,880 32,400 Current year's costs 54,648 23,328 19,440 11,880 Balance 1/1 7641 62,208 160,488 51,840 46440 Current year's costs 71,280 193,320 59,400 62,640 Current year's costs 7642 Other data: 1 Rawmaterials inventory totaled $16,200 on January 1. During the year, $151,200 of raw materials were purchased on account. 2 Finished goods on January 1 consisted of Job No. 7638 for $93,960 and Job No. 7639 for $99,360. 3Job No. 7640 and Job No. 7641 were completed during the year 4JobNos. 7638, 7639, and 7641 were sold on account for $572,400. 5. Manufacturing overhead incurred on account totaled $129,600. 6 Incurred depreciation on factory machinery $8,640 7. Assigned indirect materials of $15,120 and indirect labor of $19,440.

stion 4 of 5 Prepare an income statement through gross profit for 2022. IVANHOE COMPANY Income Statement (partial) Cost of Goods Manufactured Cost of Goods Sold Finished Goods, December 31 Gross Profit Sales Revenue Direct Materials Used Direct Labor Overapplied Overhead Underapplied Overhead Job 7638 Job 7639 Job 7641