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 $95,000 of manufacturing overhead for an estimated activity level of $50,000 direct labor dollars. At the beginning of the year, the inventory ballances were as follows: Rav saterials Work in process Pinished goods 10,100 4,700 s 8,800 During the year, the following transactions were completed a. Raw materials purchased for cash, $ 167000. ences b. Raw materals used in production $147000 Imaterials costing $123000 were charged directy to jobs: the remaining materias were c Cash pald to employees as follows reet lebr 225.400 5 46, 000 d. Cash paid for rent during the year was $18.200 ($13.600 of this amount related to fectory operations, and the remainder related to selling and administrative activities) e. Cash paid for utility costs in the factory, $13,000 1. Cash paid for advertising, $15.000 recorded on equipment, $23000 ($12,000 of this anount related to equipment used in factory operations the emaining $6.000 reisted to equipment used in seling and administrative activities ) h. Manufacturing overhead cost was applied to jobs, $ Goods that had cost $227000 to manufacture according to their job cost sheets were complet MacBook Pro G Search or type URL 8 9 5 6 3 Help Save&Exit Submit Check my work remaining $6,000 related to equipment used in seling and administrative activities) h. Manufacturing overhead cost was applied to jobs, $ L Goods that had cost $227000 to manufacture according to their job cost sheets were completed Sales for the year (all paid in cash) totaled $513,000. The total cost to manufacture these goods according to their job cost sheets was $219,000 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 dats from your journal entries to these T-accounts Idon't forget to enter the beginning balances in your inventory accounts 3A Is Manufacturing Overhead underapplied or overappled 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 yea All of the information needed for the income statement is available in the journal entries and T-accounts you have prepared. Complete this question by entering your answers in the tabs below Rea 2 Prepare yurnal ertres to record the transactiom for the year. Ci, no "trys requred fora transacterveest, select "No pumal eery retired' the first account . Do not round intermediate calculations.] Journal entry worksheet 23 4 678 charged drecdly to joos remaining ma MacBook Pro G Searc h or type URL 3 0