1 Check my work 20 Dont Gold Nest Company of Gandong, China, is a family-owned enterprise that makes birdcages for the South Chine market. The company sells its badcages through an extensive network of street vendors who we commissions on the sales The company uses a job order conting system in which overhead is applied to jobs on the basis of direct labor cost its predetermined overhead rate is based on a cost formula that estimated $84000 of manufacturing overhead for an estimated activity level of $40,000 direct labor dollars. At the beginning of the year the inventory balances were as follows Nou stets Fished 4. During the year, the following transactions were completed Raw materials purchased on account, $100.000 Raw materials used in production $150.000 (material con 26.000 were charged directly to the remaining materials were indirect) Costs for employee services were incurred as fotos Direct Iedetta 31091, 11 I Snack my won 1 Direct Labor Indirect labor Sales Comissions Administrative salaries $ 151,000 3237,400 30. $ 40,00 Din d Rent for the year was $18.400 ($13,100 of the amount related to factory operations, and the remainder related to selling and administrative activities) Utility costs incurred in the factory, $12.000 Advertising costs incurred. $15,000 9. Depreciation recorded on equipment, $22,000,(517000 of this amount related to equipment used in factory operations, the remaining $5,000 related to equipment used on selling and administrative activities n Manufacturing overhead cost was applied to jobs, Goods that had cost $226,000 to manufacture according to their job cost heets were completed Sales for the year fall paid in cash totale $518,000 The total cost to manufacture the goods according to their job cost sheets was $216.000 Required Prepare journal entries to record the transactions for the year 2. Prepare l-accounts for each inventory account Manufacturing Overhead and cost of Goods Sold Post relevant data from your journal entries to these accounts don't forget to enter the tong balance in your inventory accounts BA I Manufacturing Overhead underapplied or overapplied for the year 36. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold PO 101 !!! NON SLOTT Check my work 1 20 Required: 1 Prepare journal entries to record the transactions for the year 2. Prepare accounts for each invertory account Manufacturing Overhead, and Cost of Goods Sold Post relevant data from your Journal entries to these Taccounts (don't forget to enter the beginning balances in your inventory accounts 3A I Manufacturing Overhead underapplied or overoplied for the year 38. Prepare a journal entry to close any balance in the Mandaning Overhead account to cost of Goods Sold 4. Prepare an income statement for the year. All of the formation needed for the income statement is available in the journal entries and accounts you have prepared Complete this question by entering your answers in the tabs below. Rea W HIJA Prepare an income statement for the year All of the formanded for the income table in the Journal entils and accounts you save prepared GoldNet Company icone Statens For the Year Elidad BER THE NO 1 Check my work 20 Dont Gold Nest Company of Gandong, China, is a family-owned enterprise that makes birdcages for the South Chine market. The company sells its badcages through an extensive network of street vendors who we commissions on the sales The company uses a job order conting system in which overhead is applied to jobs on the basis of direct labor cost its predetermined overhead rate is based on a cost formula that estimated $84000 of manufacturing overhead for an estimated activity level of $40,000 direct labor dollars. At the beginning of the year the inventory balances were as follows Nou stets Fished 4. During the year, the following transactions were completed Raw materials purchased on account, $100.000 Raw materials used in production $150.000 (material con 26.000 were charged directly to the remaining materials were indirect) Costs for employee services were incurred as fotos Direct Iedetta 31091, 11 I Snack my won 1 Direct Labor Indirect labor Sales Comissions Administrative salaries $ 151,000 3237,400 30. $ 40,00 Din d Rent for the year was $18.400 ($13,100 of the amount related to factory operations, and the remainder related to selling and administrative activities) Utility costs incurred in the factory, $12.000 Advertising costs incurred. $15,000 9. Depreciation recorded on equipment, $22,000,(517000 of this amount related to equipment used in factory operations, the remaining $5,000 related to equipment used on selling and administrative activities n Manufacturing overhead cost was applied to jobs, Goods that had cost $226,000 to manufacture according to their job cost heets were completed Sales for the year fall paid in cash totale $518,000 The total cost to manufacture the goods according to their job cost sheets was $216.000 Required Prepare journal entries to record the transactions for the year 2. Prepare l-accounts for each inventory account Manufacturing Overhead and cost of Goods Sold Post relevant data from your journal entries to these accounts don't forget to enter the tong balance in your inventory accounts BA I Manufacturing Overhead underapplied or overapplied for the year 36. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold PO 101 !!! NON SLOTT Check my work 1 20 Required: 1 Prepare journal entries to record the transactions for the year 2. Prepare accounts for each invertory account Manufacturing Overhead, and Cost of Goods Sold Post relevant data from your Journal entries to these Taccounts (don't forget to enter the beginning balances in your inventory accounts 3A I Manufacturing Overhead underapplied or overoplied for the year 38. Prepare a journal entry to close any balance in the Mandaning Overhead account to cost of Goods Sold 4. Prepare an income statement for the year. All of the formation needed for the income statement is available in the journal entries and accounts you have prepared Complete this question by entering your answers in the tabs below. Rea W HIJA Prepare an income statement for the year All of the formanded for the income table in the Journal entils and accounts you save prepared GoldNet Company icone Statens For the Year Elidad BER THE NO