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 $85,500 of manufacturing overhead for an estimated activity level of $45,000 direct labor dollars. At the beginning of the year, the inventory balances were as follows: ts eBook Haw materials Work in process Finished goods $11,000 $ 5.000 $ 8,400 Print references During the year, the following transactions were completed: 2. Raw materials purchased on account. $166,000 b. Row materials used in production, $145,000 (materials costing $123,000 were charged directly to jobs the remaining materials c Costs for employee services were incurred as follows: were indirect) Direct labor Indirect labor Sales commissions Administrative salarien $164,000 $ 234,000 $ 26,000 $ 45,000 d. Rent for the year was $18,500 ($13,700 of this amount related to factory operations, and the remainder related to selling and administrative activities) e. Utility costs incurred in the factory, $13.000 Advertising costs incurred. $12,000, 9. Depreciation recorded on equipment . $21,000. ($15.000 of this amount related to equipment used in factory operations, the remaining $6,000 related to equioment used in sellinn and administrathinath Req 1 Reg 2 Req Reg 3B Reg 4 Prepare T-accounts for each Inventory account Manufacturing Overhead, and cost of Goods Sold. Post relevant data from your jour 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. End. Bal. End. Bal. Finished Goods Manufacturing Overhead Beg. Bat. Beg. Bal End. Bal Cost of Goods Sold End. Bal. Bog. Bal. End. Bal. Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. (If no entry is transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet ok