2. Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don't forget to enter the opening balances in your inventory accounts). Compute an ending bolance in each account Ravsten Company uses a job-order costing system. On January 1 , the beginning of the current year, the company's inventory balances were as follows. The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,000 machine-hours and incur \\( \\$ 158,760 \\) in manufacturing overhead cost. The following transactions were recorded for the year o. Raw materials were purchased on account \\( \\$ 208,000 \\). b. Row materials were requisitioned for use in production: \\( \\$ 198,000 \\) (80\\% drect and \20 indirect) c. The following costo were incurred for employee services 4. Prepare an income statement for the year. (Do not round intermediete calculations and round your final answers to nearest whole dollar amount) 3-8. Is manufacturing overhead underapplied or overapplied for the year? Overapplied overhead Underapplied overhead 3-b. Prepare o journal entry to properfy dispose of any balance in the Manufactucing Overhead account. (Round your percentages and final answers to 2 decimal places. If no entry is required for a tronsoction/event, select \"No journal entry required\" in the first account field.) Journal entry worksheet Record the entry to properly dispose of any balance in the Manufacturing Overhead account. Notes Enter debita before credits. d. Heat, power, and water costs were incurred in the factory: \\( \\$ 43,600 \\). e. Prepoid insurance expired during the year: \\( \\$ 11,600(90 \\% \\) relates to factory opefations, and \10 relates to selling and administrative octivities) f. Advertising costs were incurred, \\( \\$ 51,600 \\). 9. Depreciation was recorded for the year \\( \\$ 61,600185 \\% \\) relates to factory operations, and \15 relates to selling and administrative activities) h. Manufacturing overhead cost was applied to production. The company recorded 40,000 machine-hours for the year: L. Goods that cost \\( \\$ 499.200 \\) to manufacture according to their job cost sheets were transferred to the finished goods worehouse. 1. Sales for the year totalled \\( \\$ 756,000 \\) and were all on account. The total cost to manufacture these goods according to their job cost sheets wos \\( \\$ 491,000 \\) Required: 1. Prepore journal entries to record the transoctions given above. (Do not round intermediate calculations. If no entry is required for a transoction/event, select \"No journal entry required\" in the first occount field.) Journal entry worksheet 2. Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don't forget to enter the opening balances in your inventory accounts). Compute an ending bolance in each account Ravsten Company uses a job-order costing system. On January 1 , the beginning of the current year, the company's inventory balances were as follows. The company applies overhead cost to jobs on the basis of machine-hours. For the current year, the company estimated that it would work 36,000 machine-hours and incur \\( \\$ 158,760 \\) in manufacturing overhead cost. The following transactions were recorded for the year o. Raw materials were purchased on account \\( \\$ 208,000 \\). b. Row materials were requisitioned for use in production: \\( \\$ 198,000 \\) (80\\% drect and \20 indirect) c. The following costo were incurred for employee services 4. Prepare an income statement for the year. (Do not round intermediete calculations and round your final answers to nearest whole dollar amount) 3-8. Is manufacturing overhead underapplied or overapplied for the year? Overapplied overhead Underapplied overhead 3-b. Prepare o journal entry to properfy dispose of any balance in the Manufactucing Overhead account. (Round your percentages and final answers to 2 decimal places. If no entry is required for a tronsoction/event, select \"No journal entry required\" in the first account field.) Journal entry worksheet Record the entry to properly dispose of any balance in the Manufacturing Overhead account. Notes Enter debita before credits. d. Heat, power, and water costs were incurred in the factory: \\( \\$ 43,600 \\). e. Prepoid insurance expired during the year: \\( \\$ 11,600(90 \\% \\) relates to factory opefations, and \10 relates to selling and administrative octivities) f. Advertising costs were incurred, \\( \\$ 51,600 \\). 9. Depreciation was recorded for the year \\( \\$ 61,600185 \\% \\) relates to factory operations, and \15 relates to selling and administrative activities) h. Manufacturing overhead cost was applied to production. The company recorded 40,000 machine-hours for the year: L. Goods that cost \\( \\$ 499.200 \\) to manufacture according to their job cost sheets were transferred to the finished goods worehouse. 1. Sales for the year totalled \\( \\$ 756,000 \\) and were all on account. The total cost to manufacture these goods according to their job cost sheets wos \\( \\$ 491,000 \\) Required: 1. Prepore journal entries to record the transoctions given above. (Do not round intermediate calculations. If no entry is required for a transoction/event, select \"No journal entry required\" in the first occount field.) Journal entry worksheet
