For the year ended December 31, 2020, the job cost sheets of DeVoe Company contained the following data:

Job Number		Explanation		Direct Materials		Direct Labour		Manufacturing Overhead			Total Costs
7640		Balance 1/1		$25,100		$24,500		$29,800			$79,400
		Current years costs		31,000		35,300		43,300			109,600
7641		Balance 1/1		11,600		18,800		21,900			52,300
		Current years costs		43,900		48,400		58,600			150,900
7642		Current years costs		48,900		56,000		66,600			171,500

Other data:

1.	Raw materials inventory totalled $15,200 on January 1. During the year, $140,300 of raw materials were purchased on account.
2.	Finished goods on January 1 consisted of Job No. 7638 for $87,200 and Job No. 7639 for $92,200.
3.	Job No. 7640 and Job No. 7641 were completed during the year.
4.	Jobs 7638, 7639, and 7641 were sold on account for $530,400.
5.	Manufacturing overhead incurred on account totalled $118,000.
6.	Other manufacturing overhead consisted of indirect materials $13,600, indirect labour $19,500, and depreciation on factory machinery $8,000.

Prove the agreement of Work in Process Inventory with job cost sheets pertaining to unfinished work. Calculate each of the following, then post each to the T account: (1) beginning balance, (2) direct materials, (3) direct labour, (4) manufacturing overhead, and (5) completed jobs. (Post entries in the order displayed in the problem statement.)

1.	beginning balance		$
2.	direct materials		$
3.	direct labour		$
4.	manufacturing overhead		$
5.	completed jobs		$
	closing balance		$

Prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to Cost of Goods Sold. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit

Determine the gross profit to be reported for 2020. Gross Profit $