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1 . Prepare journal entries to record the transactions for the year. 2 . Prepare T - accounts for each inventory account, Manufacturing Overhead, and

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1. Prepare journal entries to record the transactions for the year.
2. Prepare T-accounts for each inventory account, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (dont forget to enter the beginning balances in your inventory accounts).
3A. Is Manufacturing Overhead underapplied or overapplied?
3B. Prepare a journal entry to close Manufacturing Overhead to Cost of Goods Sold.
4. Prepare an income statement. All of the information needed for the income statement is available in the journal entries and T-accounts you have prepared.
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