Gold Nest Company of Gunsong, China lly-owned enterprise that makes birdcages for the South Ching more The company selsbrecages through an extensive network of street vendors who receive comi ng on the sales The company uses job-order Coating system in which overhessp este obs on the basis of director C r edetermined overhead rates based on a commus the estimated $65.500 of manufacturing overhead for an estimated activity level of $45.000 direct bord . At the beginning of the year the inventory balances were as follows: Finished goods During the year, the following transactions were completed: Raw materias purchased on account $ 168,000 b. Raw materials used in production. $145,000 (materials costing $129,000 were charged directly to jobs, the remaining Materials were Indirect Costs for employee services were incurred as follows: Indirect labor Sales Commission Administrative salaries $ 252,700 $ 25,00 Rent or the year was $16.900 $14,000 of this amount related to factory operations, and the remainder related to selling and administrative activities). e Utility costs incurred in the factory $15.000. Advertising concurred. $10.000 Depreciation recorded on equipment. $24,000. ($15,000 of this amount related to equipment used in factory operating the remaining $9.000 related to equipment used in selling and administrative activities h Manufacturing everneed cost was applied to jobs. _ Goods that had cost $226,000 to manufacture according to their job cost sheets were completed Sales for the year all paid in cash totaled $499.000. The total cost to manufacture these goods according to their job cost sheets was $26.000 Required: Prepare foumal entries to record the transactions for the year. 2. Prepare accounts for each Inventory account Manufacturing Overhead, and Cost of Goods Sold Post relevant data from your Omeletes to these sont dont forget to enter the beginning balances in your eventory SCCOUNT JA I Manuecturing Overhead underscolled or overselles for the year! 36. Prepare a journal entry to close any balance in the Manufacturing Overhead Count Cost of Goods Sold 4. Prepare an income statement for the year Al of the normation needed for the income statements in the omeletes and Tects you have prepared