During the year, the following tiansactions were completed a. Raw materiais purchased on account, $152.000. b. Raw materials used in production, $147,000 impterals costing $125,000 were chayged clirectly to jobs, the rensolrung materials were. Inditect). c. Costs for employee services were incured as follows a. Rent for the year was $18,300 ( $13,000 of this amount reloted to tactory operatons, and vie repminder ielated to seiang and administrative activites) e. Utiaty costs inciared in the factocy. \$11000 f. Advertising costs incuried $14.000. 9. Depreciation recoided on equipment, $21,000:($16,000 of this amount related to equagent used in foctoly operations, the (ersaining 55,000 related to equpment used in selling and odministrative activetes) h. Manufactuing oveihead cost was applied to jobs, 5 ? 1. Goods that had cost $230,000 to manufacture according to thein job cost sheets were completed 1. Sates for the year falf paid n cashy totaled $510,000 The total cost to manutacture these goods according to thei job cost sheets was 5217,000 Required: I Prepare journal enties to record the trantactions for the year. 2. Prepare Traccotints for each inventory accound Manufactuting Overfad, and Cost of Goods Sold Post relevans date from your joumal evtiles to these Taccounts (don t forget to enter the begining balances in your inentary accounts) 3A. is Mamafacturing Overheod underapplied or overapplied for the yeur? 38. Prepare a fournal enty to close any bolance in the Manudactuing overhead account to cost of Goods Soid. 4. Prepare an income stateaent for the yeat (All of the infoumation needed for the incone stotement 5 divibble in the daumat enties and Taccounts you have prepared) During the year, the following tiansactions were completed a. Raw materiais purchased on account, $152.000. b. Raw materials used in production, $147,000 impterals costing $125,000 were chayged clirectly to jobs, the rensolrung materials were. Inditect). c. Costs for employee services were incured as follows a. Rent for the year was $18,300 ( $13,000 of this amount reloted to tactory operatons, and vie repminder ielated to seiang and administrative activites) e. Utiaty costs inciared in the factocy. \$11000 f. Advertising costs incuried $14.000. 9. Depreciation recoided on equipment, $21,000:($16,000 of this amount related to equagent used in foctoly operations, the (ersaining 55,000 related to equpment used in selling and odministrative activetes) h. Manufactuing oveihead cost was applied to jobs, 5 ? 1. Goods that had cost $230,000 to manufacture according to thein job cost sheets were completed 1. Sates for the year falf paid n cashy totaled $510,000 The total cost to manutacture these goods according to thei job cost sheets was 5217,000 Required: I Prepare journal enties to record the trantactions for the year. 2. Prepare Traccotints for each inventory accound Manufactuting Overfad, and Cost of Goods Sold Post relevans date from your joumal evtiles to these Taccounts (don t forget to enter the begining balances in your inentary accounts) 3A. is Mamafacturing Overheod underapplied or overapplied for the yeur? 38. Prepare a fournal enty to close any bolance in the Manudactuing overhead account to cost of Goods Soid. 4. Prepare an income stateaent for the yeat (All of the infoumation needed for the incone stotement 5 divibble in the daumat enties and Taccounts you have prepared)
