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Can you please solve this whole sum for me as soon as possible. Thank You Ravsten Company uses a job-order costing system. On January 1,
Can you please solve this whole sum for me as soon as possible.
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 $155,520 in manufacturing overhead cost. The following transactions were recorded for the year: a. Raw materials were purchased on account $203,500. b. Raw materlals were requisitioned for use in production: $193.500(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. $42.700. e. Prepaid insurance expired during the year: $10,700 (90\% relates to factory operations, and 100 relates to selling and administrative activities). d. Heat, power, and water costs were incurred in the factory: $42,700. e. Prepaid insurance explred during the year: $10,700(90% relates to factory operations, and 10% relates to selling and administrative activitles). f. Advertising costs were incurred, $50,700. 9. Depreciation was recorded for the year: $60,700(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 $488,400 to manufacture according to their job cost sheets were transferred to the finished goods warehouse. j. Sales for the year totalled $724,500 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $482,000 Required: 1. Prepare journal entries to record the transactions given above. (Do not round intermediate calculations, If no entry is required for a tronsaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Thank You
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