Fill up the T account(including a, b....etc)

4 Check my work Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. The company sells its birdcages through an extensive network of street vendors who receive commissions on their sales. The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost ts predetermined overhead rate is based on a cost formula that estimated $85,000 of manufacturing overhead for an estimated activity level of $50,000 direct labor dollars. At the beginning of the year, the inventory balances were as follows 10 points Rav materials Work in process Finished goods $10,600 5 4,400 $ 8,200 eBook Print During the year, the following transactions were completed a. Raw materials purchased for cash, $168,000. b. Raw materials used in production, $149,000 (materials costing $130,000 were charged directly to jobs; the remaining materials were indirect) c. Cash paid to employees as follows: Direct Labor Indirect labor Sales commissions Administrative salaries 167,000 s 210,400 29,00o 5 48,000 Cash paid for rent during the year was $18,700 ($13,600 of this amount related to factory operations, and the remainder related to selling and administrative activities) d e. Cash paid for utility costs in the factory, $11,000 d. Cash paid for rent during the year was $18,700 ($13,600 of this amount related to factory operations, and the remainder related to Book Print erences selling and administrative activities) e. Cash paid for utility costs in the factory, $11,000. f. Cash paid for advertising, $13,000 g. Depreciation recorded on equipment, $20,000.($16.000 of this amount related to equipment used in factory operations; the remaining $4,000 related to equipment used in selling and administrative activities.) h. Manufacturing overhead cost was applied to jobs, $ 2- i. Goods that had cost $228,000 to manufacture according to their job cost sheets were completed. J. Sales for the year (all paid in cash) totaled $502.000. The total cost to manufacture these goods according to their job cost sheets was $217,000 Required: 1. Prepare journal entries to record the transactions for the year 2. Prepare T-accounts for each inventory account, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to these T-accounts (don't forget to enter the beginning balances in your inventory accounts). 3A. Is Manufacturing Overhead underapplied or overapplied for the year? 3B. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. 4. Prepare an income statement for the year. (All of the information needed for the income statement is available in the jcurnal entries and T-accounts you have prepared.) 4 Check my we No Transaction General Journal Debit |2|1| a. Raw materials 168,000 Cash 10 oints 168,000 b. Work in process 130,000 19,000 Manufacturing overhead Raw materials 149,000 Print Work in process Manufacturing overhead Sales commissions expense Administrative salaries expense C. 167,000 210,400 29,000 48,000 Cash 454,400 Manufacturing overhead Rent expense 13,600 ,100 Cash 18,700 Manufacturing overhead 11,000 Cash 11,000 Advertising expense 13,000 Cash 13,000 Manufacturing overhead 11,000 Cash 11,000 Advertising expense 13,000 Cash 13,000 Manufacturing overhead Depreciation expense 16,000 4,000 Book Accumulated depreciation 20,000 8 h. Work in process 283,900 Manufacturing overhead 283,900 Finished goods 228,000 Work in process 228,000 Cash 502,000 Sales 502,000 217,000 Cost of goods sold Finished goods 217,000 Check my work 4 Prepare T-accounts for each inventory account, Manufacturing Overhead, and Cost of Goods Sold. Post relevant data from your journal entries to T-accounts (don't forget to enter the beginning balances in your inventory accounts). (Do not round intermediate calculations.) Raw Materials Work in Process Beg. Bal. Beg. Bal 10 points eBook Print End. Bal b. C. d. Finished Goods Overhead Beg. Ba End. Bal. Cost of Goods Sold End. Bal Beg. Bal End. Bal