P20-2B For the year ended December 31, 2012, the job cost shects of Guo Company contained the following data. Job Number Explanation Direct Labor Total Costs 7650 Balance 1/1 Direct Materials S18.000 32,000 Manufacturing Overhead $25,000 45,000 $20.000 36,000 Current year's costs $63.000 113.000 7651 Balance 1/1 Current year's costs 12.000 30,000 16,000 40,000 20.000 50,000 48.000 120,000 7652 Current year's costs 45.000 68,000 85,000 198,000 Other data 1. Raw materials inventory totaled $20,000 on January 1. During the year, 5100,000 of raw materials were purchased on account 2. Finished goods on January 1 consisted of Job No. 7648 for $93,000 and Job No. 7649 for $62,000. 3. Job No. 7650 and Job No. 7651 were completed during the year. 4. Job Nos. 7648.7649, and 7650 were sold on account for S190,000 5. Manufacturing overhead incurred on account totaled $135,000 6. Other manufacturing overhead consisted of indirect materials $12.000, indirect labor $18,000, and depreciation on factory machinery $19,500. Instructions (a) Prove the agreement of Work in Process Inventory with job cest shots pertaining to unfinished work. (Hint: Use a single T account for Work in Process Inventory.) Calculate cach of the following then post each to the Taccount: (1) beginning balance. (2) direct materials. (3) direct labor. (4) manufacturing overhead, and (5) completed jobs. (b) Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to cost of goods (c) Determine the gross profit to be reported for 2012