Trying to understand the two parts of the problem in the picture: Preparing the adjusting entry and determining gross profit

For the year ended Decenter 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 $25,500 $24,480 $29,376 $79,356 Current year's costs 30,600 36,720 44,064 111,384 7641 Balance 1/1 11,220 18,360 22,032 51,612 Current year's costs 43,860 48,960 58,752 151,572 7642 Current year's costs 59,160 56,100 67,320 182,580 Other data: 1 . Raw materials inventory totaled $15,300 on January 1. During the year, $142,800 of raw materials were purchased on account. 2. Finished goods on January 1 consisted of Job No. 7638 for $88,740 and Job No. 7639 for $93,840. 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 $540,600. 5 . Manufacturing overhead incurred on account totaled $122,400. 6. Other manufacturing overhead consisted of indirect materials $14,280, indirect labor $18,360, and depreciation on factory machinery $8,160. Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. Account Titles and Explanation Debit Credit Manufacturing Overhead 122400 Cash 122400 Determine the gross profit to be reported for 2017. Gross profit 95064