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Gold Nest Company of GuondongChina is a family owned enterprise that makes tracages for the South Chinmarket The company sells its bordages through an extensive

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Gold Nest Company of GuondongChina is a family owned enterprise that makes tracages for the South Chinmarket The company sells its bordages through an extensive network of street vendors who receive Commons 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 emated $103.500 of manufacturing overhead for an estimated activity level of $45.000 orect labor dollars. At the beginning of the year, the inventory balances were as follows: During the year, the following transactions were completed a. Row materials purchased on account $ 166,000 b. Raw materials used in production $142000 (materials costing $128.000 were charged directly to jobs the remaning materias were notec c. Costs for employee services were incurred as follows Rent for the year was $18.700 573.200 of this amounte d to factory operations, and the remainder related to selling and administrative activities e. Uity costs incurred in the factory $14.000 1. Advertising costs incurred, $15,000. 9. Depreciabon recorded on equipment, 5210001515.000 of this amount related to equipment used in factory operations, the remaining 50.000 related to equipment used in selling and a s trative activities) h. Record the manufacturing overhead cost applied to jobs Goods That had cost $228.000 to manufacture according to their job cost sheets were completed J Sales for the year ( paid in cash totaled $504.000. The total cost to manufacture these goods according to their job cost sheets was $219.000 Required: 1. Prepare Journal nules to record the transactions for the year 2Prepare accounts for each inventory account Manufacturing Overhead, and cost of Goods Solid Post relevant data from your Journalernes to these accounts dont forget to enter the beginning balances in your inventory accountsi BA I Manufacturing Overhead underapplied or overapplied for the year 3B 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 yeat Al of the informason needed for the income statement is available in the journal entries and T-accounts you have prepared Type here to search Be DWF

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