Almeda Products, Inc., uses a job-order costing system. The company's inventory balances on April 1, the start of its fiscal year, were as follows: Raw materials Work in process Finished goods $15,800 $11,000 $31,900 During the year, the following transactions were completed: a. Raw materials were purchased on account, $200,000 b. Raw materials were issued from the storeroom for use in production, $189,300 (80% direct and 20% indirect). c. Employee salaries and wages were accrued as follows: direct labor, $82,000, indirect labor, $25,000, and selling and administrative salaries, $79,000. d. Utility costs were incurred in the factory, $41,000. e Advertising costs were incurred, $51,000. f. Prepaid insurance expired during the year, $10,000 (90% related to factory operations, and 10% related to selling and administrative activities) g. Depreciation was recorded, $60,000 (85% related to factory assets, and 15% related to selling and administrative assets). h. Manufacturing overhead was applied to jobs at the rate of 175% of direct labor cost. 1. Goods that cost $331,000 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. 1. Sales for the year totaled $700,600 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $329,000. Requirement 1: Prepare journal entries to record the transactions for the year. (Omit the "S" sign in your response.) General Journal Debit Credit a. (Click to select) (Click to select) b. (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) d. (Click to select) (Click to select) (Click to serect) (Click to select) e. (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) g. (Click to select) (Click to select) (Click to select) h. (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Requirement 2: Prepare T-accounts for Raw Materials, Work in Process, Finished Goods, Manufacturing Overhead, and Cost of Goods Sold. Post the appropriate parts of your journal entries to these T-accounts (don't forget to enter the opening balances in your inventory accounts) Compute an ending balance in each account (Record the transactions in the given order. Omit the "$" sign in your response.) Raw Materials Bal (Click to select) (Click to select) Bal Raw Materals (Click to select) Bal. (Click to select) Bal. Work In Process (Click to select) Bal. (Click to select) (Click to select) (Click to select) Bal. Finished Goods (Click to select) Bal (Click to select) Bal. Manufacturing Overhead (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Bal. Cost of Goods Sold Cost of Goods Sold (Click to select) Requirement 3: (a) is Manufacturing Overhead underapplied or overapplied for the year? (Input the amount as positive value. Omit the "$" sign in your response.) Manufacturing overhead is (Click to select) by $ (b) Prepare a journal entry to close this balance to Cost of Goods Sold. (Omit the "$" sign in your response.) General Journal Debit Credit (Click to select) (Click to select) Requirement 4: Prepare an income statement for the year. (Input all amounts as positive values. Omit the "S" sign in your response.) Almeda Products, Inc. Income Statement For the Year Ended March 31 (Click to select) (Click to select) (Click to select) Selling and administrative expenses (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Reference