For the year ended december 31, 2014, the job cost sheets of cinta company contained the following data.7640 balance 1/1 $25,000 $24,000 $28,800 $77,800current year�s costs 30,000 36,000 43,200 109,2007641 balance 1/1 11,000 18,000 21,600 50,600current year�s costs 43,000 48,000 57,600 148,6007642 current year�s costs 58,000 55,000 66,000 179,000other data: 1. raw materials inventory totaled $15,000 on january 1. during the year, $140,000 of raw materials were purchased on account.2. finished goods on january 1 consisted of job no. 7638 for $87,000 and job no. 7639 for $92,000.3. job no. 7640 and job no. 7641 were completed during the year.4. job nos. 7638, 7639, and 7641 were sold on account for $530,000.5. manufacturing overhead incurred on account totaled $120,000.6. other manufacturing overhead consisted of indirect materials $14,000, indirect labor $18,000, and depreciation on factory machinery $8,000.prove the agreement of work in process inventory with job cost sheets pertaining to unfinished work. (hint: use a single t-account for work in process inventory.) calculate each of the following, then post each to the t-account: (1) beginning balance, (2) direct materials, (3) direct labor, (4) manufacturing overhead, and (5) completed jobs. work in process inventory1/1 balance for the year ended december 31, 2014, the job costdirect materials for the year ended december 31, 2014, the job costdirect labor for the year ended december 31, 2014, the job costmanufacturing overhead for the year ended december 31, 2014, the job cost12/31 balance for the year ended december 31, 2014, the job cost completed work for the year ended december 31, 2014, the job costfor the year ended december 31, 2014, the job costfor the year ended december 31, 2014, the job costfor the year ended december 31, 2014, the job costfor the year ended december 31, 2014, the job costwork in process balance $for the year ended december 31, 2014, the job costunfinished jobfor the year ended december 31, 2014, the job cost no. 7638no. 7639no. 7640no. 7641no. 7642 $for the year ended december 31, 2014, the job costb.) prepare the adjusting entry for manufacturing overhead, assuming the balance is allocated entirely to cost of goods sold. c.) determine the gross profit to be reported for 2014