2. Prepare T-accounts for inventories, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your jo to these T-accounts (don't forget to enter the opening balances in your inventory accounts). Compute an ending balance account. d. Heat, power, and water costs were incurred in the factory: $43,600. e. Prepaid insurance expired during the year: $11,600 (90\% relates to factory operations, and 10% relates to selling and administrative activities). f. Advertising costs were incurred, $51,600. g. Depreciation was recorded for the year: $61,600 (85\% 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. i. Goods that cost $499,200 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. j. 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 was $491,000. Required: 1. Prepare journal entries to rekord the transactions given above. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 4. Prepare an income statement for the year. (Do not round intermediate calculations and round you whole dollar amount.) 3-b. Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead accour and final answers to 2 decimal places. If no entry is required for a transaction/event, select "No jou account field.) Journal entry worksheet Record the entry to properly dispose of any balance in the Manufacturing Overhead account. Note: Enter debits before credits. Required: 1. Prepare journal entries to record the transactions given above. (Do not round intermediate calch a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. Ravsten Company uses a job-order costing system. On January 1 , the beginning of the current ye were as follows: The company applies overhead cost to jobs on the basis of machine-hours. For the current year, work 36,000 machine-hours and incur $158,760 in manufacturing overhead cost. The following tr year: a. Raw materials were purchased on account: $208,000. b. Raw materials were requisitioned for use in production: $198,000 ( 80% direct and 20% indirect) c. The following costs were incurred for employee services: d. Heat, power, and water costs were incurred in the factory: $43,600. e. Prepaid insurance expired during the year: $11,600 (90\% relates to factory operations, and 10% activities). f. Advertising costs were incurred, $51,600. g. Depreciation was recorded for the year: $61,600 (85\% relates to factory operations, and 15% rela activities). h. Manufacturing overhead cost was annlied to production. The comnanv recorded 40000 machir 3-a. Is manufacturing overhead underapplied or overapplied for the year? Underapplied overhead Overapplied overhead 3-b. Prepare a journal entry to properly dispose of any balance in the Manufacturing Overhead account. and final answers to 2 decimal places. If no entry is required for a transaction/event, select "No jourr account field.) Journal entry worksheet Record the entry to properly dispose of any balance in the Manufacturing Overhead account. Note: Enter debits before credits