Gold Nest Company of Guandong, China, is a family-owned enterprise that makes birdcages for the South China market. A popular pastime among older Chinese men is to take their pet birds on daily excursions to teahouses and public parks where they meet with other bird owners to talk and play mahjong. A great deal of attention is lavished on these birds, and the birdcages are often elaborately constructed from exotic woods and contain porcelain feeding bowls and silver roosts. Gold Nest Company makes a broad range of birdcages that it sells through an extensive network of street vendors who receive commissions on their sales. The Chinese currency is the renminbi, which is denoted by Rmb. All of the company's transactions with customers, employees, and suppliers are conducted in cash, there is no credit. The company uses a job-order costing system in which overhead is applied to jobs on the basis of direct labor cost. At the beginning of the year, it was estimated that the total direct labor cost for the year would be Rmb 150,200 and the total manufacturing overhead cost would be Rmb 247,830. At the beginning of the year, the inventory balances were as follows: Raw Materials Work in Process Finished Goods Rmb 10,700 Rmb 11,800 Rmb 8,600 During the year, the following transactions were completed: a. Raw materials purchased for cash, Rmb 259,600. b. Raw materials requisitioned for use in production, Rmb 231,900 (materials costing Rmb 221.600 were charged directly to jobs; the remaining materials were indirect). C. Costs for employee services were incurred as follows: Direct labor Indirect labor Sales commissions Administrative salaries Rmb 65,500 Rmb 59,500 Rmb 20,300 Rmb 50,000 d. Rent for the year was Rmb 17,100 (Rmb 12,700 of this amount related to factory operations, and the remainder related to selling and administrative activities). e. Utility costs incurred in the factory, Rmb 10,800 f. Advertising costs incurred, Rmb 14,900. g Depreciation recorded on equipment, Rmb25,900 (Rmb19.900 of this amount was on equipment used in factory operations, the remaining Rmb6,000 was on equipment used in selling and administrative activities.) h Manufacturing overhead cost was applied to jobs, Rmb 2 1. Goods that had cost Rmb310,100 to manufacture according to their job cost sheets were completed J. Sales for the year totaled Rmb498,500. The total cost to manufacture these goods according to their job cost sheets was Rmb308,300 Requirement 1: Prepare journal entries to record the transactions for the year (Omit the "Rmbi .in Requirement 1: Prepare journal entries to record the transactions for the year. (Omit the "Rmb" sign in your response.) Debit Credit a. General Journal (Click to select) (Click to select) b. (Click to select) (Click to select) (Click to select) . (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) d. (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) g. (Click to select) (Click to select) (Click to select) h. (Click to select) (Click to select) (Click to select) Business Law and... yg Infrastructure Uni... (Springer Texts in... (Click to select) (Click to select) h. (Click to select) (Click to select) (Click to select) (Click to select) j. (Click to select) (Click to select) (Click to select) (Click to select) Requirement 2 Prepare T-accounts for inventories, 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). Compute an ending balance in each account. (Record the transactions in the given order. Omit the "Rmb" sign in your response.) Raw Materials (Click to select) Beg Bal (Click to select) End. Bal Work In Process (Click to select) Beg Bal (Click to select) (Click to select) (Click to select) (Click to select) End. Bal Work In Process (Click to select) Beg. Bal (Click to select) (Click to select) (Click to select) End. Bal Finished Goods (Click to select) Beg Bal (Click to select) End. Bal Manufacturing Overhead (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) End. Bal Cost of Goods Sold (Click to select) Requirement 3: (a) is Manufacturing Overhead underapplied or overapplied for the year? (Click to select) Cost of Goods Sold (Click to select) Requirement 3: (a) is Manufacturing Overhead underapplied or overapplied for the year? (Click to select) (b) Prepare a journal entry to close any balance in the Manufacturing Overhead account to Cost of Goods Sold. (Omit the "Rmb" sign in your response.) General Journal Debit Credit (Click to select) (Click to select) Requirement 4: Prepare an income statement for the year. (Input all amounts as positive values. Omit the "Rmb" sign in your response.) Gold Nest Company Income Statement Rmb Rmb (Click to select) (Click to select) (Click to select) Selling and administrative expenses (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Rmb References Worksheet Learning Objective: 08-05 Understand the flow of costs in anda