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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. Its predetermined overhead rate is based on a cost formula that estimated $92,000 of manufacturing overhead for an estimated activity level of $40,000 direct labor dollars. At the beginning of the year, the inventory balances were as follows: Raw materiale Work in pro Finished goods $10,200 $ 4,800 $ 8,900 During the year, the following transactions were completed: a. Raw materials purchased on account, $160,000, b. Raw materials used in production, $149,000 (materials costing $120,000 were charged directly to jobs the remaining materials were Indirect) c. Costs for employee services were incurred as follows: Direct labor Indirect labor Sales comissions Administrative salaries $ 166,000 $ 293,300 $ 25,000 $45.000 Direct labor Indirect labor Sales commissions Administrative malaries $ 164,000 $ 293,800 $ 25,000 $ 45,000 d. Rent for the year was $18,200 ($13,200 of this amount related to factory operations, and the remainder related to selling and administrative activities). e. Utility costs incurred in the factory, $11.000. t Advertising costs incurred, $14,000 9. Depreciation recorded on equipment. $25,000. ($15,000 of this amount related to equipment used in factory operations, the remaining $9,000 related to equipment used in selling and administrative activities.) h. Manufacturing overhead cost was applied to jobs. $? 1. Goods that had cost $226,000 to manufacture according to their job cost sheets were completed. J. Sales for the year (all paid in cash) totaled $506,000. The total cost to manufacture these goods according to their job cost sheets was $216,000 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? 38. 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 journal entries and T-accounts you have prepared Reg 1 Req 2 Reg Req 3B Reg 4 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. Do not round Intermediate calculations.) No Transaction General Journal Dobit Credit 1 Raw materials Cash 160,000 x 160.000 2 b. Work in process Manufacturing overhead Raw materials 120,000 29,000 OO 149,000 3 0 Work in process Manufacturing overhead Sales commisions expense Administrative salaries expense Cash 164,000 293,800 25,000 45,000 X 527,800 4 d Manufacturing overhead 2 13.200 4 d. Manufacturing overhead Rent expense Cash 13,200 5,000 X 18,200 5 e. 11,000 Manufacturing overhead Cash EX 11,000 6 1. 14,000 Advertising expense Cash X 14,000 7 Manufacturing overhead Depreciation expense Accumulated depreciation 16,000 9,000 0 25,000 8 h 377,200 Work in process Manufacturing overhead 377.200 9 226,000 Finished goods Work in process 226,000