Eagle Inc. uses a job-order costing system. The companys inventory balances on April 1, the start of its fiscal year, were as follows:

Raw Materials Inventory	$469,325
Work in Process Inventory	$255,100
Finished Goods Inventory	$181,256

During the year, the following transactions were completed:

1. Raw materials were purchased on account, $267,345.
2. Raw materials were issued from the storeroom for use in production, $238,000 (40% indirect and 60% direct).
3. Employee salaries and wages were accrued as follows: direct labor, $229,600; indirect labor, $118,750; and selling and administrative salaries, $55,460.
4. Utility costs for the factory were $97,323.
5. Depreciation was recorded, $162,800 (70% related to factory assets, and 30% related to selling and administrative assets).
6. Manufacturing overhead was applied to jobs at the rate of 120% of direct labor cost.
7. Goods that cost $682,700 to manufacture according to their job cost sheets were transferred to the finished goods warehouse.
8. Sales for the year totaled $1,164,300 and were all on account. The total cost to manufacture these goods according to their job cost sheets was $625,317.

Submit your assignment as an Excel spreadsheet with each tab labeled by item number. Demonstrate the following:

1. Prepare the journal entries to record the transactions for the year.
2. Prepare the T-accounts to calculate end of period balances for raw materials inventory, work in process inventory, finished goods inventory, manufacturing overhead, and cost of goods sold.
3. Prepare a journal entry to close the under or over-applied manufacturing overhead balance to cost of goods sold.