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G-Force Woodcraft manufactures customized household furnishings. The company uses a perpetual inventory system and has a highly labour intensive production process, so it assigns manufacturing overhead based on direct labour cost. G-Force expects to incur $2,205,000 of manufacturing overhead costs and estimated direct labour costs of $3,150,000 during 2016, At the end of December 2018, G-Force reported work in process inventory (Job 551) of $93,000 The following events occurred during January 2019. i) Purchased materials on account, $392,000 1) Incurred manufacturing wages of $400,000 1) Requisitioned direct materials and used direct labour in manufacturing Direct Materials Direct Labour Job 551 $70,200 $61,200 Job 552 97,500 115,600 Job 553 105,300 78,200 Job 554 117,000 85,000 iv) Issued indirect materials to production, $30,000 v) Charged indirect manufacturing wages to production, $60,000 v) Other manufacturing overhead costs incurred on units 551 to 554 amounted to $134,000 vii) Allocated overheads to jobs at the predetermined rate vili) Units completed: 551, 552 & 554 ix) Sold units 551 & 554 (billed customers at a margin of 33/% on sales) What is the balance in the cost of Goods Sold account after the adjustment? (2 marks) Compute G-Forcer's gross profit eamed on the jobs, after adjusting for the manufacturing overhead variance (1% marks) Post the appropriate entries to Work in Process Inventory account & determine the account balance on January 31. (2 marks)

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