ACC 121 Capstone Project 25 pointa 1 Gold Nest Company of Guandong, China, 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 that applies overhead to jobs based on direct labor cost. Its predetermined overhead rate is based on a cost formuls that estimated $94,500 of manufacturing overhead for an estimated activity level of $45,000 direct labor dollars. The beginning Inventory balances were as follows: Raw materials work in process Finished goods $ 18,700 $4,600 $8,100 During the year, the following transactions were completed: a. Raw materials purchased on account, $169,000. b. Raw materials used in production, $145,000 (materials costing $129,000 were charged directly to jobs: the remaining materials were Indirect). c. Employee expenses incurred (credit Salaries and wages payable: Direct Labor Indirect labor Sales commissions Administrative salaries $ 154,000 $241,500 $ 21,000 $ 43,000 d. Rent for the year was $18.900 ($13,900 related to factory operations, and the remainder related to selling and administrative activities). Utility costs incurred in the factory, $19,000. f Advertising costs incurred. $12.000. g. Depreciation on equipment, $24,000 ($18,000 related to equipment used in factory operations; the remaining $6,000 related to equipment used in selling and administrative activities). h. Manufacturing overhead cost applied to jobs. $ 1. Completed goods cost $226,000 to manufacture. J. Sales for the year (all paid in cash) totaled $520,000. The manufacturing cost of these goods was $217,000. Required: 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 cats from your journal entries to these T-accounts (don't forget to enter the beginning balances in your Inventory accounts). 3A Is Manufacturing Overhead underapplied or overapplied? 38. Prepare a journal entry to close Manufacturing Overhead to Cost of Goods Sold 4. Prepare an income statement. 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. Required 1 Required 2 Required 34 Required 4 Prepare journal entries to record the transactions for the year Note: If no entry is required for a transaction/event, select "No journal entry required in the first account field. Do not round Intermediate calculations. Vew trecbon Journal entry worksheet 1 2 3 4 5 6 7 8 11 > Raw materials purchased on account, $168,000. Nota: Ente debts before t Transaction General Journal Debid Credit Hacord entry Clear untry Requen Required 2 > ACC 121 Capstone Project 25 points 1 Siiged Book Reference Gold Nest Company of Guandong, Chins, 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 that applies overhead to jobs based on direct labor cost. Its predetermined overhead rate is based on a cost formuls that estimated $94,500 of manufacturing overhead for an estimated activity level of $45,000 direct labor dollars. The beginning inventory balances were as follows: Banaterials work in process Finished goods $ 18,788 $ 4,500 $8,100 During the year, the following transactions were completed: a. Raw materials purchased on account, $168,000, b. Raw materials used in production, $146,000 (materials costing $129,000 were charged directly to jobs; the remaining materials were Indirect) Employee expenses incurred (credit Salaries and wages payable): Direct labor Indirect labor Sales commissions Administrative salaries $ 154,888 $241,508 $ 21,000 $ 43,000 d. Rent for the year was $18,900 ($13,900 related to factory operations, and the remainder related to selling and administrative activities). e. Utility costs incurred in the factory, $19,000. f Advertising costs incurred. $12.000. g. Depreciation on equipment, $24,000 ($18,000 related to equipment used in factory operations; the remaining $6,000 related to equipment used in selling and administrative activities). h. Manufacturing overhead cost applied to jobs. $ 1. Completed goods cost $226,000 to manufacture. Sales for the year (all paid in cash) totaled $520,000. The manufacturing cost of these goods was $217,000. Required: 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 dists from your journal entries to these T-accounts (don't forget to enter the beginning balances in your Inventory accounts) 3A Is Manufacturing Overhead underapplied or overapplied? 38. Prepares journal entry to close Manufacturing Overhead to Cost of Goods Sold. 4. Prepare an income statement 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. Required 1 Required 2 Required 34 Required 38 Required 4 Prepare journal entries to record the transactions for the year Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations Journal entry worksheet 3 7 11 Raw materials used in production, $146,000 (materials costing $129,000 were charged directly to jobs; the remaining materials were indirect). Note: Edits befor Transaction b General Journal Debit Credit Pacondary Clear entry & Facuind 1 Required 2 > 1 25 points Rock References Gold Nest Company of Guandong, China, makes birdcages for the South Chins 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 that applies overhead to jobs based on direct labor cost. Its predetermined overhead rete is based on a cost formuls that estimated $94,500 of manufacturing overhead for an estimated activity level of $45,000 direct labor dollars. The beginning Inventory balances were as follows: Raw materials work in process Finished goods $ 10,780 $ 4,500 $8,100 During the year, the following transactions were completed: a. Raw materials purchased on account, $169,000. b. Raw materials used in production, $146,000 (materials costing $129,000 were charged directly to jobs: the remaining materials were Indirect) c. Employee expenses incurred (credit Salaries and wages payable): Direct labor Indirect labor Sales commissions Adenistrative salaries $ 154,800 $241,500 $ 21,800 $ 43,000 d. Rent for the year was $18.900 ($13,900 related to factory operations, and the remainder related to selling and administrative activities). e. Utility costs incurred in the factory, $19.000. f Advertising costs incurred, $12.000 g. Depreciation on equipment, $24,000 ($18,000 related to equipment used in factory operations; the remaining $6,000 related to equipment used in selling and administrative activities). h. Manufacturing overhead cost applied to jobs. $ 1. Completed goods cost $226,000 to manufacture. Sales for the year (all paid in cash) totaled $520,000. The manufacturing cost of these goods was $217,000. Required: 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 data from your Journal entries to these T-accounts (don't forget to enter the beginning balances in your inventory accounts) 3A. Is Manufacturing Overhead underapplied or overapplied? 38. Prepare a journal entry to close Manufacturing Overhead to Cost of Goods Sold. 4. Prepare an income statement. 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. Required 1 Required 2 Required 34 Required 38 Required 4 Prepare journal entries to record the transactions for the year Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Yew traction bat Journal entry worksheet 1 2 3 4 5 6 7 8 11 > Cost for employee services incurred as follows: Direct labor $154,000 Indirect labor $241,500 Sales commissions $21,000 Administrative salaries $43,000 Note: Enter debts bec Transaction P General Journal Debit Credit Hondentry Clear entry C. Flegated Required 2 > 25 points spaone Proje 1 Gold Nest Company of Guandong, Chins, 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 that applies overhead to jobs based on direct labor cost. Its predetermined overhead rate is based on a cost formula that estimated $94,500 of manufacturing overhead for an estimated activity level of $45,000 direct labor dollars. The beginning inventory balances were as follows: Book Print References Raw materials work in process Finished goods $ 18,700 $4,500 $8,100 During the year, the following transactions were completed: a. Raw materials purchased on account, $168,000. b. Raw materials used in production, $146,000 (materials costing $129,000 were charged directly to jobs; the remaining materials were Indirect) c. Employee expenses incurred (credit Salaries and wages payable): Direct labor Indirect labor Sales commissions Administrative salaries $ 154,800 $241,500 $ 21,000 43,008 $ d. Rent for the year was $18,900 ($13,900 related to factory operations, and the remainder related to selling and administrative activities. e Utility costs incurred in the factory, $19,000. f Advertising costs incurred, $12.000. g. Depreciation on equipment, $24,000 ($18,000 related to equipment used in factory operations; the remaining $6,000 related to equipment used in selling and administrative activities). h. Manufacturing overhead cost applied to jobs. 1. Completed goods cost $226,000 to manufacture. Sales for the year (all paid in cash) totaled $520,000. The manufacturing cost of these goods was $217,000. Required: 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 cats from your Journal entries to these T-accounts (don't forget to enter the beginning balances in your Inventory accounts). 3A Is Manufacturing Overhead underapplied or overapplied? 38. Prepare a journal entry to close Manufacturing Overhead to Cost of Goods Sold 4. Prepare an income statement. 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. Required 1 Required 2 Required 34 Required 38 Required 4 Prepare journal entries to record the transactions for the year Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Journal entry worksheet 12 3 5 6 7 8 11 > Rent for during the year was $18,900 ($13,900 of this amount related to factory operations, and the remainder related to selling and administrative activities). Not: Entar debts before credits, Transaction d General Journal Debit Credit Hacontentry Cleur entry Fred Required 2 > 25 pointa Gold Nest Company of Guandong, Chins, 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 that applies overhead to jobs based on direct labor cost. Its predetermined overhead rete is based on a cost formuls that estimated $94,500 of manufacturing overhead for an estimated activity level of $45,000 direct labor dollars. The beginning inventory balances were as follows: Raw saterials work in process Finished goods $10,700 $4,600 $8,100 During the year, the following transactions were completed: Raw materials purchased on account, $168,000. b. Raw materials used in production, $146,000 (materials costing $129,000 were charged directly to jobs; the remaining materials were Indirect) c. Employee expenses incurred (credit Salaries and wages payable: Direct labor Indirect labor Sales commissions Administrative salaries $ 154,000 $241,500 $ 21,000 43,000 $ d. Rent for the year was $18.900 ($13,900 related to factory operations, and the remainder related to selling and administrative activities). Utility costs incurred in the factory. $19.000 f Advertising costs incurred, $12.000 g. Depreciation on equipment, $24,000 ($18,000 related to equipment used in factory operations; the remaining $6,000 related to equipment used in selling and sciministrative activities. hn. Manufacturing overhead cost applied to jobs. $ 1. Completed goods cost $226,000 to manufacture. Sales for the year (all paid in cash) totaled $520,000. The manufacturing cost of these goods was $217,000. Required: 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 data from your journal entries to these T-accounts (don't forget to enter the beginning balances in your Inventory accounts) 3A is Manufacturing Overhead underapplied or overapplied? 38. Prepare a journal entry to close Manufacturing Overhead to Cost of Goods Sold 4. Prepare an income statement. 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. Required 1 Required 2 Required 34 Required 38 Required 4 Prepare journal entries to record the transactions for the year Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Journal entry worksheet < 1 ... 4 5 6 7 8 9 10 11 > The total cost to manufacture these goods according to their job cost sheets was $217,000. Note: Er det forts Transaction (2) General Journal Debit Credit Mantry Clear entry Required 2 >