connect ACCOUNTING Chpt 2 Question 3 value 15.00 points Carpenter Comices, Ltd, produces a wide variety of comice moldings for windows at a plant located in Evergreen Park, Illinois. Because there are hundreds of products, some of which are made only to order the company uses a job-order costing system On July 1, the start of the company's fiscal year, inventory account balances were as follows Raw materials Work in process Finished goods $12.200 S 6.200 $ 9,900 The company applies overhead cost to jobs on the basis of machine-hours Its predetemined overhead rate for the fiscal year starting July 1 was based on a cost formula that estimated $148.400 of manufacturing overhead for an estimated activity level of 53,000 machine-hours. During the year, the following transactions were completed (Assume all purchases and services were acquired on account) a Raw materials purchased on account, $192,000 b. Raw materials requisitioned for use in production $159,000 (materials costing $145,000 were chargeable directly to jobs, the remaining materials were indirect). c. Costs for employee services were incurred as follows $106,000 $ 45,800 s 32000 $ 51,000 Direct labor Indirect labor Administrative salaries d Prepaid insurance expired during the yea, S2550($16.700 of this amount related to factory operations, and the remainder related to selling and administrative activities) Advertsing costs d 11 82 00 factory operations, the remaining $11,000 was on equipment used in selling and administrative Manufacturing overhead cost was applied to jobs, $2 (The company recorded 35 000 machine-hours of e. Utility costs incurred in the factory, $23,000 f Advertising costs incurred $13,800 g Depreciation recorded on equipment, $34,000. ($23,000 of this amount was on equipment used in h. operating time during the year) i Goods that had cost $316,000 to manufacture according to their job cost sheets were completed l Sales (all on account) to customers during the year totaled $589,000 These goods had cost $315,000 to manufacture according to their job cost sheets 1. Prepare journal entries to record the transactions for the year (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)