Gold Nest Company of Guandong, China, 15 a farvily-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 averhead rate is based on a cost formula that estimated $75,000 of manufacturing overhead for an estimated activity level of 550.000 direct labor dollars. At the beginning of the year, the inventory balances were as follows: Work in process Tinished goods 4.900 & 8, 100 During the year, the following transactions were complete the remaining materials were a. Raw materials purchased on account. $ 155,000 b. Raw materials used in production, $147000 materials costing $1 indirect) c. Costs for employee services were incurred as follows Indirect labor S180,000 24,000 47,000 346,200 Primitetive LBILE d. Rent for the year was $18.000 1513,500 of this amount related to factory operations, and the remain sted to selling and administrative activities) e. Utility costs incurred in the factory, $18,000. 1. Advertising costs incurred, $10,000 Depreciation recorded on equipment, $23,000 $16,000 of this amount related to equipment used in factory operations, the remaining $7000 related to equipment used in selling and administrative activities.) h. Record the manufacturing overhead cost applied to jobs. 1. Gools that had cost $229,000 to manufacture according to their job cost sheets were completed Sales for the year (all paid in cash totaled $501,000. The total cost to manufacture these goods according to their job cost sheets was $219.000 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). 31. ann o rhornaranno trar? 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 a ble the journal entries and T-accounts you have prepared Complete this question by entering your answers in the tabs below. Reg 1 Ren 2 Prepare journal entries to record the transactions for the year i s antry is required for a transactievent, select Wooral entry required in the first account fald. Da not found intermediate caldulations View transaction est Journal entry worksheet Raw materials used in production, $147,000 mates cost $129,000 charged directly to jobs the remaining materials were indirect). Transaction Debit Credit General Journal Work in process Manufacturing one head Clear entry Vi Record entry general Journal